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Data as of Nov 4, 2026.

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Thematic ETFs

GUNR vs KWEB: Holdings Overlap & Returns

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GUNR holds 27.1% of its weight in S&P 500 companies and KWEB 0.0%.

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Net assets: $7.2bn on Jul 31, 2026 for Northern Trust Morningstar Global Upstream Natural Resources ETF, and $4.4bn on Nov 4, 2026 for KraneShares CSI China Internet ETF.

GUNR on its own →KWEB on its own →
At a glance
27.1%
GUNR in the S&P 500
0.0%
KWEB in the S&P 500
+26.8%
GUNR total return, 1 year
−34.0%
KWEB total return, 1 year
GUNR · 1 year to Nov 4, 2026 73% of its weight is outside the S&P 500
73% of its weight is outside the S&P 50027% of GUNR's weight is in S&P 500 companies and 73% is outside the index. Holdings as of Jul 31, 2026.27%73%in the S&P 500of its weight outside the S&P 500active share 98% · top ten 37% of the fund · 135 holdings as filed for Jul 31, 2026 · Nasdaq-100: 0% in73% of its weight is outside the S&P 50027% of GUNR's weight is in S&P 500 companies and 73% is outside the index. Holdings as of Jul 31, 2026.27%73%inoutside the S&P 500active share 98% · Nasdaq-100: 0% in

27% of GUNR's weight is in S&P 500 companies and 73% is outside the index. Holdings as of Jul 31, 2026.

KWEB · 1 year to Nov 4, 2026 100% of its weight is outside the S&P 500
100% of its weight is outside the S&P 5000% of KWEB's weight is in S&P 500 companies and 100% is outside the index. Holdings as of Nov 4, 2026.0%100%0% of its weight in S&P 500 companiesof its weight outside the S&P 500active share 100% · top ten 61% of the fund · 45 holdings as published by its issuer for Nov 4, 2026 · Nasdaq-100: 9% in100% of its weight is outside the S&P 5000% of KWEB's weight is in S&P 500 companies and 100% is outside the index. Holdings as of Nov 4, 2026.0%100%0% of its weight in S&P 500 companiesof its weight outside the S&P 500active share 100% · Nasdaq-100: 9% in

0% of KWEB's weight is in S&P 500 companies and 100% is outside the index. Holdings as of Nov 4, 2026.

Pair scorecard

GUNR costs 0.23 points a year less; their one-year returns differ by 60.8 points.

GUNR vs KWEB: Holdings Overlap & Returns
MeasureGUNRKWEB
Return
Total return, 1 year+26.8%−34.0%
Drawdown
Below its all-time high7.5%, high on Sep 9, 202671.8%, high on Feb 17, 2021
Benchmark
What it tracksNatural resourcesInternet and e-commerce
Cost and size
Expense ratio0.46%0.69%
Net assets, GUNR as of Jul 31, 2026 and KWEB as of Nov 4, 2026$7.2bn$4.4bn
Holdings
Holdings in commonnot published

Method

Window by window

Window by window: GUNR vs KWEB: Holdings Overlap & Returns
Total return
WindowGUNRKWEB
3 months+1.3%−14.8%
6 months−2.5%−18.3%
1 year+26.8%−34.0%
3 years+45.4%−0.8%
Since launchNot the same days: GUNR Sep 2011 · KWEB Aug 2013+149.3%+19.2%

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Side by side

GUNR Northern Trust Morningstar Global Upstream Natural Resources ETF · Holds 135 stocks in natural resources, 27% of its weight in S&P 500 companies KWEB KraneShares CSI China Internet ETF · Holds 45 stocks in internet and e-commerce, 0% of its weight in S&P 500 companies
Issuer Northern Trust KraneShares
Theme Natural resources Internet and e-commerce
In the S&P 500 27.1% 0.0%
Active share vs the S&P 500 98.3% 100.0%
In the Nasdaq-100 0.4% 8.7%
Holdings 135 45
Top ten, share of the fund 36.6% 61.4%
Expense ratio 0.46% 0.69%
Fee for the differing part 0.47% 0.69%
Total return, 1 year +26.8% −34.0%
vs its benchmark not measured not measured
Below its high −7.5% −71.8%
Net assets, GUNR as of Jul 31, 2026 and KWEB as of Nov 4, 2026 $7.2bn $4.4bn

As of Nov 4, 2026. Source: ETFIQ.

Client brief:

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About each fund
GUNR

By weight, 27% of GUNR's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 98%. The top ten holdings are 37% of the fund across 135 positions, as filed for Jul 31, 2026. Over the year to Nov 4, 2026 the fund returned +26.8% with distributions reinvested. It sits 7.5% below its all-time high of Sep 9, 2026.

KWEB

By weight, 0% of KWEB's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 100%. The top ten holdings are 61% of the fund across 45 positions, as published by its issuer for Nov 4, 2026. Over the year to Nov 4, 2026 the fund returned −34.0% with distributions reinvested. It sits 71.8% below its all-time high of Feb 17, 2021.

Questions people ask

Which is more different from the S&P 500, GUNR or KWEB?
GUNR has 27% of its weight in S&P 500 names and KWEB has 0%, so KWEB differs more from the index.
Which is cheaper, GUNR or KWEB?
GUNR charges 0.46% a year and KWEB charges 0.69%, so GUNR is cheaper. Fees come from each fund's prospectus.
Other comparisons
GUNR vs FDNGUNR vs QTUMGUNR vs URAGUNR vs XMEKWEB vs GNRKWEB vs PPAKWEB vs SHLDKWEB vs URA
Where to next
All thematic ETFs ranked by the S&P 500 Difference Score →How the scores are computed →GUNR on its own →KWEB on its own →GUNR dividend history →KWEB dividend history →KWEB holdings →Method →Standards and sources →
Sources and dates
GUNR filings on SEC EDGAR ↗
GUNR prospectus with the expense ratio (SEC) ↗
Northern Trust website ↗
KWEB filings on SEC EDGAR ↗
KWEB prospectus with the expense ratio (SEC) ↗
KraneShares page for KWEB ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

Every number is an ETFIQ calculation with distributions reinvested.

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ETFIQ, GUNR against KWEB, data as of Nov 4, 2026. https://etfiq.com/compare/themes/gunr-vs-kweb

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