Underlying Asset Performance: The primary driver is the performance of the assets the fund invests in. If those assets rise in value, the fund's price generally increases, and vice versa.

Market Sentiment: Overall investor confidence and market trends can significantly impact demand for the fund. Positive sentiment often leads to higher prices, while negative sentiment can cause prices to fall.

Interest Rates: Changes in interest rates can affect the attractiveness of fixed-income assets within the fund and potentially influence investor decisions.

Economic Conditions: Economic indicators like GDP growth, inflation, and unemployment can influence the performance of the assets held by the fund, thus impacting its price.

Fund Management: The skill and strategy of the fund managers in selecting and managing assets play a crucial role in the fund's overall performance.

Expenses and Fees: Management fees, operating expenses, and other charges can reduce the fund's returns, thereby impacting its price over time.

Currency Fluctuations: If the fund invests in assets denominated in foreign currencies, changes in exchange rates can affect the fund's value when converted back to the base currency.

Supply and Demand: The balance between investors buying and selling shares of the fund can influence its price. High demand usually pushes prices up, while increased selling pressure can lead to price declines.

Regulatory Changes: New regulations or policy changes can affect the industries or asset classes in which the fund invests, potentially impacting its price.

Geopolitical Events: Global political and economic events can create uncertainty and volatility in financial markets, which can affect the price of the fund.