Investment Portfolio: The underlying assets of the fund, their performance, and sector allocation significantly impact the fund's Net Asset Value (NAV). Market Conditions: Broad market trends, economic indicators, and investor sentiment in the regions where the fund invests affect the fund's performance. Fund Management: The fund manager's investment strategy, stock selection skills, and risk management capabilities influence returns. Expense Ratio: The fund's operating expenses, including management fees and administrative costs, directly reduce the returns to investors. Supply and Demand: High demand can drive up the price, while increased selling pressure can decrease the price. Currency Fluctuations: If the fund invests in assets denominated in currencies other than EUR, changes in exchange rates will impact the fund's value. Geopolitical Events: Political instability, regulatory changes, and other geopolitical risks in the fund's investment regions can affect asset values.