Emerging Market Performance: FM.US tracks an index of Frontier Markets. Performance of companies within those markets directly impacts the ETF's price.

Global Economic Conditions: Broad economic trends, such as global growth or recession fears, influence investor sentiment toward riskier assets like Frontier Markets, impacting FM.US.

Currency Fluctuations: Changes in the value of local currencies in Frontier Markets relative to the US dollar affect the ETF's returns, as underlying holdings are priced in local currencies.

Geopolitical Risk: Political instability or geopolitical events within Frontier Market countries can significantly impact investor confidence and the value of assets held by FM.US.

Interest Rate Changes: Interest rate decisions in both the US and Frontier Market countries can influence investment flows and the attractiveness of FM.US.

Commodity Prices: Many Frontier Markets are heavily reliant on commodity exports. Fluctuations in commodity prices can significantly affect their economies and, consequently, the ETF.