Interest Rates: Rising rates typically decrease FNCL.US value as existing fixed-income assets become less attractive.

Mortgage Rates: Similar to interest rates, higher mortgage rates can negatively impact FNCL.US.

Economic Growth: A stronger economy can lead to increased housing demand and potentially lower mortgage defaults, which can support FNCL.US.

Inflation: Higher inflation can erode the real value of fixed income assets, negatively impacting FNCL.US.

Federal Reserve Policy: Actions by the Federal Reserve, such as quantitative easing or tightening, influence interest rates and mortgage-backed securities.

Housing Market Conditions: The health of the housing market, including home sales and prices, can affect the performance of mortgage-backed securities held by FNCL.US.

Credit Risk: Perceived risk of mortgage defaults impacts FNCL.US. Higher default risk generally lowers the ETF's price.

Prepayment Risk: Homeowners refinancing or paying off mortgages early can reduce the principal outstanding, impacting FNCL.US.

Supply and Demand: General investor demand for mortgage-backed securities influences FNCL.US pricing.