ETF Evaluator:
FlexShares Mstar Glbl Upstrm Nat Res ETF ()
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(as of Aug 26)
Best Performing in Natural Resources Over the Last Year
| 88.7% | Global X Copper Miners ETF (COPX) |
| 83.8% | Themes Copper Miners ETF (COPA) |
| 82.3% | Sprott Copper Miners ETF (COPP) |
| 81.2% | Sprott Junior Copper Miners ETF (COPJ) |
| 76.4% | iShares Copper and Metals Mining ETF (ICOP) |
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ETF Details
FlexShares Mstar Glbl Upstrm Nat Res ETF Overview
FlexShares Mstar Glbl Upstrm Nat Res ETF (GUNR) is a passively managed Sector Equity Natural Resources exchange-traded fund (ETF). Flexshares Trust launched the ETF in 2011.
The investment seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Morningstar® Global Upstream Natural Resources IndexSM.
The index is designed to the performance of a selection of equity securities that are traded in or are issued by companies classified as developed or emerging markets, as determined by the index provider pursuant to its index methodology. The fund will invest at least 80% of its total assets (exclusive of collateral held from securities lending) in the securities of the index and in ADRs and GDRs based on the securities in the index.
About FlexShares Mstar Glbl Upstrm Nat Res ETF (GUNR)
There are 3 members of the management team with an average tenure of 8.10 years: Robert Anstine (2013), Brendan Sullivan (2016) and Volter Bagriy (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: MSCI ACWI NR USD index with a weighting of 100% and S&P Global Natural Resources TR USD index with a weighting of 100%. FlexShares Mstar Glbl Upstrm Nat Res ETF has 170 securities in its portfolio. The top 10 holdings constitute 36.6% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
FlexShares Mstar Glbl Upstrm Nat Res ETF is part of the Equity global asset class and is within the Sector Equity ETF group. FlexShares Mstar Glbl Upstrm Nat Res ETF has 64.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 35.5% There is 64.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). FlexShares Mstar Glbl Upstrm Nat Res ETF has 0.5% of the portfolio in cash.
Assets Under Management
The fund has $7 billion in total assets, which is above the $1 billion average for the Natural Resources category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
GUNR Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The FlexShares Mstar Glbl Upstrm Nat Res ETF expense ratio is average compared to funds in the Natural Resources category. FlexShares Mstar Glbl Upstrm Nat Res ETF has an expense ratio of 0.46%, which is 13% lower than its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. FlexShares Mstar Glbl Upstrm Nat Res ETF has a portfolio turnover rate of 28%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 41% for the Natural Resources category.
Recently, in the month of July 2026, FlexShares Mstar Glbl Upstrm Nat Res ETF returned 6.1%, which earned it a grade of A, as the Natural Resources category had an average return of -2.2%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
FlexShares Mstar Glbl Upstrm Nat Res ETF has a trailing yield of 2.33%, which is above the 2.30% category average.
The fund normally distributes its income quarterly.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
FlexShares Mstar Glbl Upstrm Nat Res ETF Grades
Year to date, the ETF has returned 15.0%, 8.5 percentage points better than the category, which translates into a grade of B. The fund has returned 32.7% over the past year (grade of C), 10.4% over the past three years (grade of C) and 10.6% per year over the past five years (grade of B) and 10.1% per year over the past 10 years (grade of C).
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GUNR Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| GUNR Return (NAV) | 6.1% | -4.1% | 32.7% | 10.4% | 10.6% | 10.1% |
| GUNR Return (Price) | 6.2% | -4.3% | 33.1% | 10.3% | 10.6% | 10.2% |
| NAV +/- Price Return | -0.093% | 0.124% | -0.399% | 0.047% | 0.046% | -0.011% |
| Natural Resources Avg | -2.2% | -9.2% | 33.5% | 9.8% | 7.4% | 10.4% |
| GUNR Grade (NAV) | A | C | C | C | B | C |
| +/- Category (NAV) | 8.3% | 5.1% | -0.8% | 0.6% | 3.2% | -0.2% |
| GUNR Tax-Cost Ratio | na | na | 0.8% | 1.1% | 1.3% | 1.3% |
GUNR Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| GUNR Return (NAV) | 15.0% | 30.0% | -8.5% | -1.7% | 14.6% | 25.7% | 0.7% | 18.1% | -9.2% | 18.5% | 30.9% |
| GUNR Return (Price) | 15.4% | 30.0% | -8.4% | -2.4% | 14.9% | 26.1% | 0.5% | 18.4% | -9.4% | 18.7% | 31.3% |
| NAV +/- Price Ret | 0.026% | 0.003% | -0.020% | 0.396% | 0.018% | 0.016% | -0.301% | 1.8% | 2.0% | 1.5% | 1.1% |
| Natural Resources Avg | 6.5% | 43.5% | -6.0% | 9.9% | -7.3% | 30.1% | 22.9% | 18.4% | -16.7% | 25.1% | 28.4% |
| GUNR Grade (NAV) | B | C | D | D | A | C | F | D | A | F | B |
| +/- Category | 8.5% | -13.5% | -2.5% | -11.6% | 22.0% | -4.4% | -22.2% | -0.3% | 7.4% | -6.7% | 2.6% |
| Risk Measures | |
| Beta: | 0.41 |
| R-Squared: | 12% |
| Standard Deviation: | 15.0% |
| Category Risk Index: | 0.62 |
| Category Risk Rating: | Low |
| Total Risk Index: | 1.22 |
| Total Risk Rating: | Average |
| Portfolio Characteristics | |
| Yield: | 2.3% |
| Total Assets: | $ 7,239 Mil |
| Share Class Assets: | $ 7,239 Mil |
| Turnover: | 28.0% |
| Expense Ratio: | 0.46% |
| Index Fund: | Yes |
| Index Tracked: | MSCI ACWI NR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | Quarterly |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 12.8 years | |||
| Average Tenure: 8.1 years | |||
| Managers (Year): Anstine Robert (2013), Sullivan Brendan (2016), Bagriy Volter (2025) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 170 |
| % in Top 10 Holdings: | 36.6% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 64.0% |
Portfolio Allocation |
|
| Domestic Stock: | 35.5% |
| Foreign Stock: | 64.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.5% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Flexshares Trust |
| Phone Number: | 855-353-9383 |
| Website: | www.flexshares.com |
| Inception Date: | September 16, 2011 |
Expenses and Fees
| Expense Ratio (%): | 0.46% (Rating: Avg) |
| Category Average Expense Ratio (%): | 0.53% |
