Underlying Asset Performance: The primary driver is the performance of the assets held within the fund. Positive performance increases the fund's net asset value (NAV), thus increasing the price.

Market Sentiment: Overall market optimism or pessimism affects demand for the fund. High demand increases prices, while low demand lowers them.

Interest Rates: Changes in interest rates can impact bond values within the fund if it holds bonds, and also indirectly impact stock valuations.

Economic Conditions: Economic growth or recession impacts the earnings potential of companies the fund invests in, affecting prices.

Fund Flows: Large inflows increase demand and price, while large outflows force asset sales, potentially decreasing the price.

Management Fees & Expenses: Higher fees and expenses can erode returns, indirectly affecting the fund's price over time.

Currency Exchange Rates: If the fund invests in assets denominated in other currencies, exchange rate fluctuations can impact the NAV and therefore the price.