Underlying Asset Performance: The fund's NAV reflects the performance of its underlying assets, primarily Spanish equities. Their market prices directly impact the fund's value. Market Sentiment: Broad market optimism or pessimism in Spain can drive investment flows into or out of the fund, affecting its price beyond its underlying asset value. Economic Conditions: Spanish economic growth, inflation, and unemployment levels impact company earnings and investor confidence, thus influencing the fund. Interest Rates: Changes in Spanish interest rates affect corporate borrowing costs and bond yields, impacting the valuation of companies and potentially, the fund. Currency Exchange Rates: Exchange rates between the Euro and other currencies impact the value of holdings if the fund has investments in other currencies. Fund Management: The fund manager's investment decisions, including stock selection and asset allocation, will significantly affect the fund's performance and price. Investor Demand: High demand for the fund can drive its price above its Net Asset Value (NAV), while low demand can push it below. Expense Ratio: The fund's expense ratio, which includes management fees and operating expenses, reduces the fund's returns and thus its price.