Underlying Holdings: The price of FMCX.US is primarily affected by the market value of its underlying holdings, which are Chinese companies. Changes in these companies' stock prices directly impact the ETF's NAV.

Supply and Demand: Like any traded asset, FMCX.US's price fluctuates based on supply and demand in the market. Higher demand typically drives the price up, while increased selling pressure can lower it.

China's Economic Performance: China's overall economic health and growth prospects significantly influence investor sentiment towards Chinese companies and, consequently, FMCX.US.

Geopolitical Events: Political events, trade relations, and regulatory changes affecting China can create volatility and impact investor confidence, affecting the ETF's price.

Currency Fluctuations: Exchange rate fluctuations between the US dollar and the Chinese Yuan affect the value of Chinese assets for US-based investors, influencing FMCX.US's price.

Investor Sentiment: Broad market sentiment towards emerging markets, specifically China, plays a role. Positive sentiment can increase investment in FMCX.US, while negative sentiment can lead to outflows.