Underlying Index Performance: INDY.US tracks an index of Indian equities, so its price closely mirrors that index's performance. Upward index movement typically increases the ETF's price, and vice versa.

Supply and Demand: Like all ETFs, supply and demand influence INDY.US's price. High demand relative to available shares can drive the price above its net asset value (NAV), while excess supply can push it below.

Currency Fluctuations: As an ETF holding Indian assets but traded in USD, currency exchange rates affect INDY.US's price. A strengthening USD against the INR can lower the ETF's price, and vice versa.

India's Economic Conditions: India's economic growth, inflation, interest rates, and political stability impact the earnings and valuations of the underlying companies in the index, indirectly affecting INDY.US.

Global Market Sentiment: Broad global market trends, risk appetite, and investor sentiment toward emerging markets can impact investment flows into and out of INDY.US, influencing its price.