GUNR Fees and Costs — FlexShares Morningstar Global Upstream Natural Resources Index Fund
Data updated: 2026-09-25
The net expense ratio is 0.46%: a 0.46% management fee plus 0.01% other expenses, less a 0.01% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $483K in broker commissions, 0.0096% of average net assets, and portfolio turnover was 28%.
GUNR Fees and Expenses
Annual operating expenses and sales charges of GUNR. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.46% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.01% |
| Gross expense ratio | 0.47% |
| Fee waiver | −0.01% |
| Net expense ratio | 0.46% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
GUNR Costs Over Time
On $10,000 invested in GUNR, assuming 5% a year before costs, total costs come to $297 over 5 years, cutting the return by 0.49% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.46%) | $48 | $152 | $264 |
| Trading costs (broker commissions) | $1 | $3 | $6 |
| Lost growth on money paid in costs | $0 | $8 | $27 |
| Total costs | $49 | $162 | $297 |
| Value after costs | $10,451 | $11,414 | $12,466 |
| Impact on return, per year | 0.49% | 0.49% | 0.49% |
GUNR Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0096%
- Total broker commissions: $483K
- Bought from dealers (principal trades, not a cost): $2.9B
- Portfolio turnover (prospectus): 28%
- Securities on loan, average value: $383.2M
- Net income from securities lending: $779K (0.015% of average net assets)
GUNR Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| HSBC Securities (USA) Inc. | $169K | 35.23% |
| UBS Securities LLC | $156K | 32.60% |
| J.P. Morgan Securities LLC | $35K | 7.29% |
| Goldman Sachs & Co. LLC | $31K | 6.43% |
| Merrill Lynch, Pierce, Fenner & Smith Inc. | $25K | 5.31% |
| Macquarie Capital (USA) Inc. | $23K | 4.85% |
| Scotia Capital (USA) Inc. | $17K | 3.48% |
| Citigroup Global Markets Inc. | $11K | 2.35% |
| BofA Securities, Inc. | $8K | 1.75% |
| Barclays Capital, Inc. | $3K | 0.70% |
GUNR Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| UBS Securities LLC | $834.3M | 28.46% |
| Goldman Sachs & Co. LLC | $599.6M | 20.46% |
| Merrill Lynch, Pierce, Fenner & Smith Inc. | $452.3M | 15.43% |
| J.P. Morgan Securities LLC | $312.8M | 10.67% |
| Morgan Stanley & Co. LLC | $304.3M | 10.38% |
| BofA Securities, Inc. | $304.2M | 10.38% |
| Jefferies LLC | $95.6M | 3.26% |
| Wells Fargo Securities, LLC | $27.9M | 0.95% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.