Investment Performance: The fund's historical returns and relative performance against its benchmark significantly impact its perceived value and investor demand.

Market Conditions: Overall economic conditions, including interest rates, inflation, and global events, influence investor sentiment and asset valuations within the fund.

Fund Management: The expertise and strategies of the fund managers in selecting and managing the underlying investments play a crucial role in performance.

Expense Ratio: The fund's expense ratio, which covers management fees and operating costs, directly affects the net return to investors and competitiveness.

Investor Demand: High demand for the fund can drive up its price, while outflows can put downward pressure on its valuation.

Underlying Assets: The performance of the individual stocks, bonds, or other assets held within the fund directly impacts the overall fund value.

Fund Size: Very large fund sizes might make it difficult to quickly enter/exit positions impacting liquidity and potentially returns.

Regulatory Changes: Changes in regulations related to fund operations, investments, or taxation can affect the fund's attractiveness and price.