[Market Conditions]: Overall market sentiment and performance in the US equity market impact PHYLX's holdings.

[Underlying Holdings]: Performance of the individual Philippine stocks the fund invests in significantly affects its Net Asset Value (NAV).

[Currency Fluctuations]: Exchange rate between the US dollar and Philippine peso can impact returns, especially for unhedged positions.

[Philippine Economy]: Economic growth, inflation, and interest rates in the Philippines affect the profitability of companies held by the fund.

[Political Stability]: Political events and government policies in the Philippines can create uncertainty and impact investor confidence.

[Fund Management]: The fund manager's investment strategy and stock selection skills influence the fund's performance relative to its benchmark.

[Investor Demand]: High demand for the fund can drive up its price, while increased selling pressure can cause it to decline.

[Expense Ratio]: The fund's operating costs, including management fees, affect the overall return to investors.