Underlying Asset Performance: The price of ANXU.PA, an ETF tracking the MSCI China A Onshore Index, is heavily influenced by the performance of the constituent stocks within that index. Positive performance of these Chinese A-shares generally pushes the ETF's price upward, while negative performance pulls it down. Index Rebalancing & Changes: Periodic rebalancing of the MSCI China A Onshore Index can affect ANXU.PA. Changes to index constituents, additions or deletions, trigger corresponding adjustments in the ETF's holdings, potentially impacting its price based on the specific stocks involved and associated trading activities. Supply and Demand: Basic market forces play a role. High demand for ANXU.PA relative to available supply tends to increase its price. Conversely, a surplus of sell orders relative to buy orders will typically lower the price. Investor sentiment and broader market conditions drive these supply and demand dynamics. Currency Fluctuations: As the underlying assets are Chinese A-shares denominated in CNY, fluctuations in the EUR/CNY exchange rate can affect the EUR-denominated price of ANXU.PA. A stronger CNY relative to the EUR makes the underlying assets more valuable in EUR terms, potentially increasing the ETF's price. Expense Ratio & Tracking Error: The ETF's expense ratio, charged annually, and any tracking error (deviation from the index's performance) can subtly affect its overall return and, consequently, its price over time. Higher expenses and larger tracking errors can erode returns compared to the underlying index.