Underlying Asset Performance: The performance of the assets (stocks, bonds, etc.) held by the fund directly impacts its price. If the underlying assets increase in value, the fund's price will likely rise, and vice versa.

Market Conditions: Overall market sentiment and economic conditions influence investor demand for the fund. Positive market trends can drive up prices, while negative trends may lead to price declines.

Fund Management: The skill and expertise of the fund manager in selecting and managing investments affect the fund's performance and, consequently, its price.

Expense Ratio: The fund's operating expenses, including management fees, impact returns. Higher expenses reduce the overall return and can influence the price, relative to other funds.

Supply and Demand: The balance between investor demand and the available supply of fund shares determines its market price. Increased demand relative to supply pushes prices upward.

Currency Exchange Rates: If the fund invests in assets denominated in foreign currencies, fluctuations in exchange rates can impact the fund's price when converted back to the fund's base currency.

Interest Rates: Changes in interest rates can affect the value of fixed-income securities held by the fund. Rising rates typically decrease bond values, while falling rates can increase them.

Fund Size & Liquidity: Very large or very small funds may face issues with liquidity and transaction costs, affecting pricing efficiency. Smaller funds may face closure risk.