Fund Performance: Past returns and overall fund performance influence investor demand, affecting the price.

Market Conditions: Broad market trends, economic indicators, and investor sentiment impact the value of underlying small-cap stocks.

Interest Rates: Changes in interest rates can affect borrowing costs for small-cap companies, influencing their profitability and stock prices.

Fund Flows: Inflows of new investments and outflows of redemptions can impact the fund's trading activity and net asset value (NAV).

Expense Ratio: The fund's expense ratio, which covers operating costs, can affect its overall return and attractiveness to investors.

Small-Cap Valuations: Perceived valuations of small-cap stocks relative to earnings or assets influence investment decisions and fund price.

Sector Performance: Performance of specific sectors within the small-cap market affects the fund's value if heavily weighted in certain areas.

Economic Growth: The overall health and growth rate of the economy impact the prospects and profitability of small-cap companies.