Exchange rates: Fluctuations between the US dollar and currencies of Indian companies in the ETF portfolio impact its value.

Indian market performance: Overall performance of Indian stock market, influenced by economic growth, corporate earnings, and investor sentiment.

US investor demand: Increased demand for the ETF from US investors can drive up its price, and vice versa.

Political and economic stability in India: Political events and economic policies in India can significantly affect the performance of Indian companies and the ETF.

Global economic conditions: Global economic factors like recessionary fears, trade wars, and interest rate changes can affect investor appetite for emerging markets like India.

Changes in ETF holdings: Significant changes in the ETF's underlying holdings can impact its price, reflecting rebalancing or strategy shifts.

Expense ratio and management fees: The ETF's expense ratio and management fees affect the return investors receive, impacting the attractiveness and price.

Dividend payouts: Dividend payouts from the underlying Indian companies affect the ETF's yield and can impact its price.

Regulatory changes: Changes in regulations related to foreign investment in India or the ETF structure itself can affect its price.