Fund Composition: NRES tracks a specific index of natural resources equities. The underlying holdings' price movements directly impact the ETF's value. Strong performance in these resource companies will boost the NRES price.

Commodity Prices: Many natural resource companies are sensitive to commodity price fluctuations. Higher prices for oil, gas, minerals, and timber, for example, can increase the profitability and valuation of these companies.

Supply and Demand: Basic economic principles of supply and demand influence the ETF's market price. Increased investor demand pushes the price up, while increased selling pressure lowers it.

Economic Growth: Natural resource demand is often correlated with economic activity. Stronger global economic growth typically leads to higher demand for resources, benefiting NRES.

Inflation & Interest Rates: High inflation could affect commodity prices which could affect the NRES price. Also, high interest rates could cause investors to reallocate investments to less risky securities.