Emerging Market Performance: AUEM.PA tracks emerging market equities. Therefore, the overall performance and sentiment towards emerging markets significantly impact its price. Positive economic growth, political stability, and favorable market conditions in these countries can drive the ETF's price higher. Euro Strength/Weakness: As the ETF trades in Euro (AUEM.PA), currency fluctuations between the Euro and the currencies of the underlying emerging market assets affect its value. A stronger Euro makes the holdings less valuable in Euro terms. Index Tracking: AUEM.PA aims to mirror the performance of its benchmark index (MSCI Emerging Markets Index). Tracking errors, albeit usually small, can cause price discrepancies. Supply and Demand: General ETF supply and demand dynamics influence the price. Higher demand relative to supply pushes the price up, and vice versa. Management Fees & Expenses: The ETF's operating expenses, although relatively small, are deducted from the fund's returns, impacting the overall price performance.