Exchange rates: Fluctuations in the exchange rate between the fund's base currency and the currencies of the assets it holds directly impact the fund's value.

Market performance: The overall performance of the markets where the fund invests is a key driver. Positive market returns generally increase fund value.

Interest rate changes: Changes in interest rates can affect the valuations of fixed-income assets held by the fund, if applicable.

Fund manager skill: The investment decisions made by the fund manager, including security selection and asset allocation, influence performance.

Investor sentiment: Overall investor sentiment towards the fund's asset class or geographic region can impact demand and therefore its price.

Economic conditions: Changes in economic indicators like inflation, GDP growth, and unemployment rates affect the performance of underlying assets.

Company performance: The financial performance of the individual companies in which the fund invests significantly influences the fund's return.

Political risk: Political instability or policy changes in the regions where the fund invests can negatively impact asset values.

Liquidity: The ease with which the fund's assets can be bought and sold can affect pricing, especially during times of market stress.

Fund expenses: Management fees, operating expenses, and other charges reduce the fund's net asset value.