GWX.US tracks the performance of the S&P International Developed Ex-U.S. Property Index. Underlying Holdings' Performance: The primary driver is the performance of the real estate companies held within the ETF's portfolio.

Currency Fluctuations: Since the underlying assets are in foreign currencies, exchange rate movements impact the ETF's USD price.

Interest Rate Changes: Real estate values and REIT performance are sensitive to interest rate shifts in the developed markets the ETF invests in.

Economic Conditions: Economic growth or recession in those countries affects property values and rental income, influencing the ETF.

Market Sentiment: Overall investor confidence in international real estate and the general investment climate impact demand for the ETF.

Supply and Demand: Basic supply and demand forces for the ETF shares themselves also play a role in its pricing.

Expense Ratio: The ETF's expense ratio, although small, slightly reduces returns over time.