Global Market Conditions: Broad economic trends and investor sentiment affect demand for and prices of international stocks held by SMICX.US.

Emerging Market Performance: Since SMICX.US focuses on emerging markets, the performance of these markets directly influences its returns.

Currency Fluctuations: Changes in currency exchange rates between the US dollar and currencies of the countries SMICX.US invests in impact the fund's value.

Interest Rate Changes: Interest rate policies of central banks in the countries SMICX.US invests in can affect company valuations and bond yields, impacting the fund.

Geopolitical Events: Political instability, trade wars, or other geopolitical events can negatively affect emerging markets and consequently SMICX.US.

Company Performance: The financial performance of the individual companies held within SMICX.US directly impacts the fund's value.

Fund Management Decisions: The fund manager's investment strategy, stock selection, and asset allocation decisions influence SMICX.US's returns.

Investor Demand: High investor demand for SMICX.US can drive up its price, while increased selling pressure can lower it.