Factor 1: Underlying Index Performance: FNDE tracks the Schwab Fundamental Emerging Markets Large Company Index. The ETF's price is heavily influenced by the performance of the stocks within this index. If the index goes up, the ETF price generally rises, and vice versa.

Factor 2: Supply and Demand: Like any security traded on an exchange, FNDE's price is affected by supply and demand. Higher demand relative to supply leads to a price increase, while greater supply than demand causes a price decrease.

Factor 3: Investor Sentiment: General investor sentiment towards emerging markets and ETFs can impact FNDE's price. Positive sentiment can drive investment and increase the price, while negative sentiment can lead to selling pressure and lower the price.

Factor 4: Currency Fluctuations: The underlying companies in the index are based in emerging markets, and their performance is often measured in local currencies. Currency fluctuations between the US dollar and these currencies can affect the ETF's value.

Factor 5: Expense Ratio and Trading Costs: While not directly influencing the price, FNDE's expense ratio impacts its overall return. Higher trading costs also reduce realized returns, impacting investor perceived value.