The T. Rowe Price Natural Resource ETF (TURF) has gained 33.8% since June 2025, driven by an energy rally linked to the Iran conflict. However, gains are uneven across natural resources, with liquefied natural gas stocks soaring while oilfield service firms decline. Portfolio managers highlight a structural shift toward resource nationalism, increasing demand for uranium, copper, and rare earth minerals as countries diversify energy sources. TURF's active management targets these trends, holding stakes in uranium and copper companies, and emphasizing agriculture and low-cost producers with secure resource supplies. The fund returned 13.4% year-to-date with a 0.44% expense ratio, positioning for long-term commodity price support amid maturing U.S. shale production.
