# NRES Bid-Ask Spread, Liquidity and NAV Premium > As of Nov 2, 2026, NRES closed −0.59% from its NAV, and on 95% of the 2 days to then it was within ±0.59%. No fund is recommended. Data as of Nov 2, 2026. Rebuilt every trading night. As of Nov 2, 2026. Rebuilt every trading night. ## NRES bid-ask spread and liquidity As of Nov 2, 2026, NRES closed −0.59% from its NAV, and on 95% of the 2 days to then it was within ±0.59%. ### IQ Liquidity Score Not scored, 1 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 Flags: One dealer. Cost to trade Not measured: the issuer's 30-day median spread is not read for this fund Capacity Not measured: no book of its holdings is read Price fidelity Not measured: 2 days of closing premium are held, under the 20 needed Primary market, 25.0 1 active dealer of 23; largest 100% of creations and redemptions, N-CEN to Aug 31, 2025 Bad-day behaviour Not measured: 1 of the 10 worst days and 1 other days are held, under the 5 and 60 needed Depth Not measured: needs trade and quote data (Phase 2) ### Premium or discount to NAV - Latest close, Nov 2, 2026: −0.59% - 95% of days within: ±0.59% - Days more than 1% from NAV: 0 of 2 - Widest: −0.59%, Nov 2, 2026 Close against the NAV its issuer struck the same day, 2 days from Oct 30, 2026 to Nov 2, 2026. Source: ETFIQ from the issuer’s NAV and closing price. ### Capacity Not measured: no book of its holdings is read. ### Dealers 1 active of 23 authorized participants; the largest did 100% of creations and redemptions, in the year to Aug 31, 2025 (Form N-CEN filed Nov 12, 2025). The active authorized participants, largest first, by share of the dollars created and redeemed: J.P. Morgan Securities LLC (100.0%). 22 more were listed and created or redeemed nothing. ### How to trade NRES 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. Watch The premium. On 95% of days it is within ±0.59%; beyond that a buyer pays more, and a seller gets less, than the holdings are worth. ### Where it trades In Q2 2026, odd lots were 19.5% of NRES’s exchange volume. ### Coming with trade data Spread through the day, buyers against sellers, an estimate of retail flow, large trades and the closing auction’s share, each once ETFIQ has trade and quote data. ### Questions people ask Does NRES trade at a premium or discount to NAV? It closed −0.59% from its NAV on Nov 2, 2026. On 95% of the 2 days to then it was within ±0.59%, and it closed more than 1% from NAV on 0 of them. Who is the AP for NRES? NRES’s latest Form N-CEN, for the period ending Aug 31, 2025, lists 23 authorized participants (APs), and 1 created or redeemed shares. The only active AP was J.P. Morgan Securities LLC. Who is the LMM for NRES? NRES 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, Oct 30, 2026 to Nov 2, 2026. - Dealers: Form N-CEN, the year to Aug 31, 2025, accession 0000940400-25-005824. - Where it trades: SEC MIDAS, Q2 2026. ### 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 --- Source: ETFIQ, independent ETF data. Recomputed nightly from public filings and prices. Cite: ETFIQ, NRES trading: cost, capacity, premium and dealers, data as of Nov 2, 2026. https://etfiq.com/funds/nres/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/nres/trading/