Crude Oil Prices: TSOEX.US's primary holdings are energy companies. Higher crude oil prices usually boost their profitability, driving up the fund's value.

Natural Gas Prices: Similar to crude oil, increases in natural gas prices benefit the energy companies within TSOEX.US, positively affecting its price.

Global Economic Conditions: A strong global economy often increases energy demand, supporting higher prices and benefiting energy funds like TSOEX.US.

Interest Rates: Higher interest rates can negatively impact the overall stock market, potentially affecting TSOEX.US, though the energy sector may be less sensitive.

Geopolitical Events: Political instability or conflicts in oil-producing regions can disrupt supply and increase prices, potentially affecting TSOEX.US positively or negatively depending on the specific event.

Regulatory Changes: Government regulations regarding energy production or environmental policies can significantly impact the profitability of energy companies within TSOEX.US.

Inflation: High inflation could affect energy demand and supply, causing fluctuation of prices.

Currency Exchange Rates: Since energy resources are often traded in USD, the fluctuation of USD may affect prices.

Fund Management Strategy: The specific investment decisions and asset allocation strategies employed by the fund's managers can influence its performance.