Supply and Demand: Increased demand with limited supply drives prices up, while oversupply lowers prices.

Underlying Commodity Prices: CMDT.US tracks commodity indices. Changes in prices of those commodities directly impact its value.

Geopolitical Events: Global events, conflicts, or political instability can disrupt commodity production and distribution, affecting prices.

Economic Indicators: Economic growth, inflation, and interest rates influence commodity demand and investment, thus affecting ETF price.

Currency Fluctuations: As commodities are often priced in USD, changes in the USD's value against other currencies can impact ETF returns.

Storage and Transportation Costs: The cost of storing and transporting commodities contributes to the overall price reflected in the ETF.

Weather Patterns: Extreme weather events (droughts, floods) can disrupt agricultural commodity production, influencing ETF value.

Government Policies: Government regulations, subsidies, and trade policies affecting commodity production or import/export affect prices.

Interest Rates: Higher interest rates can make holding commodities more expensive, potentially reducing demand and ETF value.