Global Market Sentiment: Overall investor confidence or fear in global markets influences demand for international ETFs like GMUN, affecting its price.

Underlying Index Performance: GMUN tracks a specific global bond index. The performance of this index directly impacts GMUN's net asset value and market price.

Currency Fluctuations: GMUN holds international bonds denominated in various currencies. Exchange rate movements between these currencies and the US dollar affect GMUN's value.

Interest Rate Changes: Rising or falling interest rates in the countries whose bonds GMUN holds can significantly affect bond prices and, consequently, GMUN's price.

Supply and Demand: General supply and demand dynamics for the ETF itself in the market play a role, regardless of underlying asset performance.

Inflation Expectations: Changes in inflation expectations globally can affect bond yields and therefore GMUN's price.

Credit Risk: The perceived creditworthiness of the governments or entities issuing the bonds within GMUN's portfolio influences investor demand and the ETF's price.

Geopolitical Events: Major geopolitical events or crises can create market uncertainty and impact investor sentiment towards international assets like those held by GMUN.