Underlying Asset Performance: The primary driver is the performance of the assets held within the fund. These may include stocks, bonds, or other investments specific to the fund's investment strategy.

Market Conditions: Broad economic factors like interest rates, inflation, and overall market sentiment significantly influence investment values, impacting the fund's Net Asset Value (NAV).

Fund Management Fees: The fund's expense ratio, encompassing management fees and operational costs, directly affects returns and thus the price per share.

Supply and Demand: Investor demand for the fund's shares, relative to the available supply, can create buying or selling pressure, influencing its market price.

Currency Fluctuations: If the fund invests in assets denominated in a different currency, exchange rate variations can impact the fund's overall value in its base currency.

Dividend Payouts: Distribution of dividends from underlying assets can reduce the fund's asset value, temporarily affecting the share price around ex-dividend dates.

Fund Size: Large funds might find it harder to generate high returns, as deploying significant capital can become challenging, affecting performance.

Economic Growth: GDP growth in major economies affects corporate earnings which affect stock prices within the fund if stocks are held.

Regulatory Changes: New rules can affect compliance costs and/or change what assets are permissable to hold.