Real Estate Market Performance: The overall health and performance of real estate markets in countries included in the VNQI.US ETF significantly impact its price. Strong growth in property values, rental income, and occupancy rates can lead to higher returns and increased investor demand.

Interest Rate Movements: Changes in interest rates affect borrowing costs for real estate companies and influence property valuations. Rising interest rates can negatively affect VNQI.US as they may increase borrowing costs and reduce property values.

Economic Growth: Economic growth in the countries represented in the VNQI.US ETF is a key driver. Strong economic activity typically leads to increased demand for real estate, boosting rental income and property values.

Currency Fluctuations: Currency fluctuations between the US dollar and the currencies of the countries where the underlying real estate companies operate can impact the ETF's returns when translated back into US dollars. A stronger US dollar can negatively affect returns.

Inflation Rates: Inflation can impact the value of real estate assets. High inflation rates can lead to increased property values and rental income, but also higher operating costs for real estate companies.

Geopolitical Risks: Political instability, regulatory changes, and other geopolitical risks in the countries included in the VNQI.US ETF can negatively affect investor sentiment and lead to price declines.

Fund Flows: Investor demand for the VNQI.US ETF itself influences its price. Large inflows of funds can drive up the price, while outflows can put downward pressure on it.