Canadian Equity Market: The overall performance of the Canadian stock market significantly impacts CEM.US as it invests in Canadian equities. Positive market sentiment usually leads to higher prices.

Sector Performance: CEM.US's sector allocation affects its price. If the fund is heavily weighted in a struggling sector, the price may suffer.

Interest Rates: Changes in Canadian interest rates influence valuations, particularly for companies with high debt levels, thus impacting CEM.US's price.

Exchange Rates: Fluctuations in the CAD/USD exchange rate affect the USD value of Canadian assets held by CEM.US.

Fund Flows: Large inflows or outflows from CEM.US can cause its price to deviate from its net asset value (NAV).

Management Fees: High management fees can erode returns and potentially decrease the attractiveness of CEM.US.

Global Economic Conditions: Global economic events and trends impact investor sentiment toward Canadian equities and thus influence the demand for CEM.US.