# GNR Bid-Ask Spread, Liquidity and NAV Premium

> As of Nov 3, 2026, GNR closed −0.03% from its NAV, and on 95% of the 251 days to then it was within ±0.53%. No fund is recommended.

Data as of Nov 4, 2026. Rebuilt every trading night.

As of Nov 4, 2026. Rebuilt every trading night.

## GNR bid-ask spread and liquidity

As of Nov 3, 2026, GNR closed −0.03% from its NAV, and on 95% of the 251 days to then it was within ±0.53%.

### IQ Liquidity Score

Not scored, 3 of 6 measured.

A fixed 0 to 100 scale of trading conditions, the same anchors for every fund; 100 is the easiest to trade. It measures how cheaply and reliably the fund can be bought and sold, not whether to own it. How the score is built

Cost to trade Not measured: the issuer's 30-day median spread is not read for this fund Capacity Holdings can absorb up to $904,341 a day; part of the book has no volume data Price fidelity, 73.3 95% of days within ±0.53% of NAV, 251 days to Nov 3, 2026 Primary market, 85.0 5 active dealers of 40; largest 58% of creations and redemptions, N-CEN to Sep 30, 2025 Bad-day behaviour, 47.9 Premium 2.059× normal on the 10 worst S&P 500 days, to Nov 3, 2026 Depth Not measured: needs trade and quote data (Phase 2)

### Premium or discount to NAV

- Latest close, Nov 3, 2026: −0.03%

- 95% of days within: ±0.53%

- Days more than 1% from NAV: 0 of 251

- Widest: −0.85%, Jun 17, 2026

Close against the NAV its issuer struck the same day, 251 days from Nov 4, 2025 to Nov 3, 2026. Source: ETFIQ from the issuer’s NAV and closing price.

### Capacity

Its holdings can absorb up to $904,341 a day, measured on its own holdings, as of Nov 4, 2026. The holding that sets the limit is GLENCORE PLC (GLCNF), 1.52% of the fund.

### Dealers

5 active of 40 authorized participants; the largest did 58% of creations and redemptions, in the year to Sep 30, 2025 (Form N-CEN filed Dec 11, 2025).

The active authorized participants, largest first, by share of the dollars created and redeemed: J.P. Morgan Securities LLC (57.8%), Goldman Sachs & Co. LLC (12.7%), UBS Securities LLC (12.1%), Citigroup Global Markets Inc. (11.6%), BofA Securities, Inc. (5.8%). 35 more were listed and created or redeemed nothing.

### How to trade GNR

When ETF spreads are usually widest in the first minutes after the open and the last minutes before the close. ETFIQ measures this fund’s own day once it has trade data. Size Part of its book has no volume data, so the room for a large order is an upper bound. Watch The premium. On 95% of days it is within ±0.53%; beyond that a buyer pays more, and a seller gets less, than the holdings are worth.

### What retail orders paid

In Sep 2026, retail market orders in GNR paid $1.41 one way on $10,000, against $3.71 at the quote. 88% of shares filled better than the quote.

| Orders | One way on $10,000 |
| --- | --- |
| All wholesalers read | $1.41 |
| Vanguard customers | $0.31 |
| Robinhood customers | $0.75 |
| Fidelity customers | $0.80 |
| Schwab customers | $1.30 |

| Month | One way on $10,000 |
| --- | --- |
| Aug 2025 (old format) | $1.36 |
| Sep 2025 (old format) | $0.91 |
| Oct 2025 (old format) | $1.37 |
| Nov 2025 (old format) | $1.09 |
| Dec 2025 (old format) | $0.86 |
| Jan 2026 (old format) | $1.22 |
| Feb 2026 (old format) | $1.84 |
| Mar 2026 (old format) | $1.46 |
| Apr 2026 (old format) | $1.75 |
| May 2026 (old format) | $1.90 |
| Jun 2026 (old format) | $1.59 |
| Jul 2026 (old format) | $1.39 |
| Aug 2026 | $1.50 |
| Sep 2026 | $1.41 |

GNR ranked 302nd of 628 ETFs by retail order activity in Sep 2026, an ETFIQ estimate. It drew 0.01% of the market-order dollars in 4 retail brokers’ reports. Retail activity ranking

### Where it trades

In Q2 2026, 73% of GNR’s shares traded off exchange on the median day. Odd lots, under 100 shares, were 17.9% of its exchange volume.

### Coming with trade data

Spread through the day, buyers against sellers, large trades and the closing auction’s share, each once ETFIQ has trade and quote data.

### Questions people ask

Does GNR trade at a premium or discount to NAV? It closed −0.03% from its NAV on Nov 3, 2026. On 95% of the 251 days to then it was within ±0.53%, and it closed more than 1% from NAV on 0 of them. Who is the AP for GNR? GNR’s latest Form N-CEN, for the period ending Sep 30, 2025, lists 40 authorized participants (APs), and 5 created or redeemed shares. The largest were J.P. Morgan Securities LLC (57.8%), Goldman Sachs & Co. LLC (12.7%), UBS Securities LLC (12.1%) of the dollars its APs created and redeemed. Who is the LMM for GNR? GNR is on none of the lead market maker (LMM) lists ETFIQ reads, from NYSE Arca, Cboe BZX and Nasdaq. Each list covers only that exchange’s own program, so this does not mean it has no LMM.

### Sources and dates

- Premium: ETFIQ, close against the issuer’s NAV, Nov 4, 2025 to Nov 3, 2026.

- Capacity: ETFIQ, from each holding’s 20-day median dollar volume, to Nov 4, 2026.

- Dealers: Form N-CEN, the year to Sep 30, 2025, accession 0001410368-25-034454.

- Retail orders: SEC Rule 605 reports, Sep 2026, from Charles Schwab, G1 Execution Services, Fidelity Brokerage Services, Robinhood, HRT Financial, Jane Street Capital, Vanguard. Computed by ETFIQ. Citadel Securities refused ETFIQ’s request, so its orders are not counted.

- Where it trades: SEC MIDAS, Q2 2026, against the fund’s daily volume from Tiingo.

### Where to next

The score measures trading conditions, not the fund. ETFIQ is an independent publisher, not an adviser, and makes no recommendations. Standards and sources

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Source: ETFIQ, independent ETF data. Recomputed nightly from public filings and prices.
Cite: ETFIQ, GNR trading: cost, capacity, premium and dealers, data as of Nov 4, 2026. https://etfiq.com/funds/gnr/trading/
Licence: https://etfiq.com/license/ Data ETFIQ computes is free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms.
HTML: https://etfiq.com/funds/gnr/trading/