[Underlying Fund Performance]: FEMRX.US's price closely reflects the performance of the Fidelity Emerging Markets Fund it tracks. Positive returns in the underlying fund typically lead to price increases.

[Emerging Market Conditions]: Economic growth, political stability, and regulatory changes in emerging market countries significantly impact fund holdings and, subsequently, FEMRX.US's price.

[Investor Sentiment]: Overall market sentiment towards emerging markets influences demand for FEMRX.US. Increased optimism drives buying pressure, pushing prices higher, while pessimism can cause sell-offs and price declines.

[Currency Fluctuations]: The relative strength of the US dollar versus emerging market currencies affects returns. A stronger dollar can diminish returns when assets are converted back to USD.

[Expense Ratio]: The fund's expense ratio, while relatively stable, can subtly influence its overall returns and therefore its price. Higher expenses can slightly reduce net performance.