Emerging Market Performance: FFEM tracks emerging markets, so their overall economic health and stock market performance strongly influence its price.

Currency Fluctuations: Changes in the relative value of emerging market currencies versus the US dollar impact FFEM's returns when translated back into USD.

Interest Rate Changes: Interest rate decisions in both the US and emerging market countries can affect investment flows and FFEM's price.

Geopolitical Risks: Political instability, trade wars, and other geopolitical events in emerging markets can create uncertainty and decrease FFEM's value.

Commodity Prices: Many emerging market economies are heavily reliant on commodity exports, so fluctuations in prices influence their economic performance and therefore FFEM.

Investor Sentiment: Overall market risk appetite and investor attitudes towards emerging markets affect the demand for FFEM, and its price.