Inflation: Higher inflation erodes the purchasing power of future earnings, potentially decreasing the present value of stocks held by the fund.

Interest Rates: Rising interest rates can make bonds more attractive relative to stocks, potentially leading investors to sell stocks and buy bonds, decreasing stock prices.

Economic Growth: Strong economic growth typically leads to higher corporate profits, which can increase stock prices. Conversely, economic slowdowns can negatively impact stock prices.

Market Sentiment: Overall investor confidence and risk appetite can influence stock prices, with positive sentiment leading to higher prices and negative sentiment leading to lower prices.

Company Performance: The financial health and performance of the individual companies held by the fund directly impacts the fund's value.

Global Events: Geopolitical events, trade wars, and global economic shocks can all impact the stock market and, subsequently, the fund's price.

Currency Fluctuations: Changes in the relative value of the US dollar compared to other currencies can impact the returns of international stocks held by the fund.