Fundamentals of Underlying Assets: The performance of companies held by the fund directly impacts its value. Strong earnings and growth drive prices up, while losses cause declines.

Market Conditions: Overall market sentiment, economic trends, and sector-specific performance heavily influence the fund's Net Asset Value (NAV).

Interest Rates and Inflation: Changes in interest rates and inflation affect the valuation of the fund's holdings and investor demand.

Currency Exchange Rates: For funds investing internationally, fluctuations in exchange rates can impact returns when converted back to the fund's base currency.

Investor Demand and Flows: High demand pushes prices up, while outflows due to redemptions can force fund managers to sell assets, potentially lowering prices.

Fund Management Fees and Expenses: Higher expense ratios can reduce net returns and thus affect the fund's price relative to its peers.

Geopolitical Events: Unexpected political events or economic shocks can impact market confidence and affect fund valuations.

Fund's Investment Strategy: The fund's chosen investment approach (e.g., growth, value, income) and asset allocation impact its sensitivity to market fluctuations.

Regulatory Changes: New regulations or tax laws can impact the profitability of companies held in the fund's portfolio.

Liquidity of Underlying Assets: Difficulty in buying or selling assets within the fund's portfolio can influence pricing, especially during market stress.