Underlying Asset Performance: The price of 3MSE.LSE directly reflects the performance of the MSCI Emerging Markets index it tracks. Positive index movements drive the ETF price up; negative movements drive it down.

Supply and Demand: Market forces of supply and demand for 3MSE.LSE itself influence its price. High demand relative to supply pushes the price up, and vice versa.

Currency Fluctuations: Since the underlying assets are in emerging markets currencies, fluctuations in the GBP/USD exchange rate, and the exchange rates of currencies in the emerging market affect the ETF's price.

Index Rebalancing: Changes in the composition of the MSCI Emerging Markets index, and weights of constituent holdings during rebalancing periods impact the ETF price.

Expense Ratio: 3MSE.LSE's expense ratio, a percentage of assets deducted annually, will indirectly impact its performance relative to the index.

Tracking Error: Any deviation between the ETF's performance and the index it tracks, known as tracking error, can affect its price relative to the expected value.