Fund Holdings Performance: FPX tracks the First Trust US Equity Opportunities Index. The performance of the individual stocks within this index directly impacts FPX's price.

Market Sentiment: Broad market trends and investor confidence influence the overall demand for equities, including FPX. Positive sentiment can drive up prices, while negative sentiment can lower them.

Sector Performance: FPX's sector allocation (consumer discretionary, financials, etc.) affects its performance. If the sectors FPX is heavily weighted in perform poorly, the ETF will likely underperform.

Interest Rates: Changes in interest rates can affect the valuation of companies within FPX's portfolio and influence investor decisions regarding ETF investments.

Economic Data: Economic indicators like GDP growth, inflation, and unemployment can impact investor sentiment and corporate earnings, thus affecting FPX's price.

ETF Flows: Large inflows into FPX can increase its price, while outflows can decrease it due to supply and demand dynamics.

Currency Fluctuations: For international investors, changes in the exchange rate between their currency and the US dollar can impact the real return of FPX.

Index Reconstitution: Changes to the composition of the First Trust US Equity Opportunities Index can lead to trading activity that affects FPX's price.

Fund Management Fees: Although minor, FPX's expense ratio can slightly reduce returns compared to a theoretical identical portfolio with no fees.