Emerging Markets Equity Performance: SQEW tracks emerging markets small-cap equities. Their overall performance significantly impacts SQEW's price.

Currency Fluctuations: Emerging market currencies relative to the US dollar affect SQEW. A stronger USD reduces SQEW's value.

Interest Rate Changes: Interest rate policies in emerging markets and the US can influence investor sentiment and capital flows, affecting SQEW.

Economic Growth: Emerging market economic growth prospects drive investor confidence and SQEW's performance.

Geopolitical Risks: Political instability, trade wars, and other global events in emerging markets impact investor sentiment towards SQEW.

Fund Management Fees: SQEW's expense ratio directly impacts its net asset value (NAV) and thus its market price.

Supply and Demand: Basic market forces of supply and demand for SQEW shares affect its price. Higher demand leads to price increases.

Investor Sentiment: Overall market sentiment towards emerging markets and small-cap stocks influences SQEW's price.

Liquidity of Underlying Holdings: The liquidity of the small-cap emerging market stocks held by the fund can affect SQEW's trading efficiency and price.