Emerging Market Performance: EMLAX invests in emerging markets; their economic growth, political stability and currency fluctuations significantly impact its NAV.

Interest Rate Changes: Rising interest rates in developed markets can draw capital away from emerging markets, negatively affecting EMLAX's price.

Commodity Prices: Many emerging market economies rely on commodity exports; changes in commodity prices can affect their economic health and thus EMLAX.

Geopolitical Events: Political instability, wars, or regulatory changes in emerging markets can impact investor confidence and drive down EMLAX's price.

Fund Management Strategy: The fund manager's decisions on asset allocation, security selection, and risk management can influence EMLAX's performance.

Investor Sentiment: Overall market sentiment towards emerging markets can impact demand for EMLAX, affecting its price.

Currency Fluctuations: Changes in exchange rates between the US dollar and emerging market currencies affect the value of EMLAX's holdings.

Inflation Rates: High inflation in emerging markets can erode company profits and decrease the value of EMLAX's investments.

Economic Policies: Government policies such as fiscal and monetary policy in emerging markets directly influence the economic outlook and the price of EMLAX.