Underlying Assets Performance: The EL40.F ETF price is heavily influenced by the performance of the 40 largest companies listed on the Athens Stock Exchange.

Market Sentiment: Overall investor confidence and risk appetite in the Greek market will affect demand and supply, thus impacting the price.

Economic Conditions: Macroeconomic factors such as GDP growth, inflation, and interest rates in Greece can impact the profitability of the underlying companies.

Currency Fluctuations: Changes in the exchange rate between the Euro and other currencies can affect the value of the ETF, especially if the underlying companies have international exposure.

Dividend Yield: The dividend yield offered by the ETF influences its attractiveness to investors, impacting demand and subsequently, the price.

Supply and Demand: Basic market dynamics – if more investors want to buy (demand) than sell (supply), the price goes up, and vice versa.

Fund Management Fees: The expense ratio charged by the ETF provider can slightly influence the overall return and relative attractiveness compared to other ETFs.

Global Events: Major global events, such as geopolitical instability or international economic crises, can impact investor sentiment and affect the price of Greek equities.