Underlying Asset Performance: AT1D tracks an index of Euro-denominated Additional Tier 1 (AT1) bonds, so the performance of these bonds directly impacts its price.

Interest Rate Movements: Rising interest rates typically decrease bond prices, as newly issued bonds offer higher yields, making older bonds less attractive.

Credit Spreads: Widening credit spreads, reflecting increased risk aversion, can decrease AT1D's price, as AT1 bonds are inherently riskier than investment-grade bonds.

Supply and Demand: General market sentiment and investor demand for fixed income and high-yield assets influence AT1D's price.

Liquidity: Lower liquidity in the underlying AT1 bond market can lead to greater price volatility for AT1D.

Fund Flows: Large inflows or outflows from AT1D can impact its price as the fund manager buys or sells underlying bonds to match investor demand.

Regulatory Changes: Changes in regulations affecting AT1 bonds, like capital requirements for banks, can affect investor confidence and AT1D's price.

Currency Fluctuations: As the underlying bonds are Euro-denominated, fluctuations in the EUR/GBP exchange rate can affect the price of AT1D, which is listed in GBP.