Market Conditions: General market sentiment, economic outlook, and overall investor risk appetite impact fund performance.

Underlying Assets: The performance of the assets the fund invests in (e.g., stocks, bonds) directly affects its Net Asset Value (NAV).

Fund Management: The fund manager's skill in selecting investments and managing risk influences returns.

Expenses and Fees: Management fees, operating expenses, and transaction costs reduce overall returns and NAV.

Interest Rates: Changes in interest rates can affect the value of fixed-income assets held by the fund.

Currency Fluctuations: If the fund invests in foreign assets, currency exchange rates can impact returns.

Inflation: Inflation can erode the real value of investments and affect asset valuations.

Supply and Demand: Investor demand for the fund's shares can influence its market price, potentially causing it to trade at a premium or discount to its NAV.

Geopolitical Events: Global political and economic events can create volatility and impact investment values.

Regulatory Changes: New regulations or policy changes can affect the fund's operations and investment strategies.