Global economic conditions: Broad economic trends influence investor sentiment and risk appetite, impacting investments in global energy exploration.

Political stability: Instability in energy-rich regions can disrupt supply and increase perceived risk, affecting fund value.

Company Performance: Financial health and operational efficiency of the underlying companies in the exploration sector impact investor confidence.

Exploration success rates: Discoveries and successful extraction projects lead to increased value, while failures negatively impact the fund's holdings.

Regulatory changes: Policy shifts related to energy exploration, environmental regulations, and taxation can significantly affect project viability and costs.

Interest rate fluctuations: Changes in interest rates can affect borrowing costs for energy companies and influence investment decisions in the sector.

Supply and Demand: The global supply-demand dynamics of crude oil and natural gas markets directly affect the profitability of exploration companies.

Technological advancements: Innovations in exploration and extraction technologies can drive down costs and increase efficiency, impacting fund performance.

Currency Exchange Rates: Since this fund invests in international markets, currency fluctuations influence the returns on investments when translated back to USD.