Asset Performance: Performance of underlying assets (stocks, bonds) held by the fund directly impacts its net asset value (NAV).

Market Conditions: Overall market trends (bull or bear markets) and economic factors affect investor sentiment and fund value.

Interest Rates: Changes in interest rates impact bond yields, which can influence bond fund values, affecting ES0165127038 if it holds bonds.

Expense Ratio: Fund's expense ratio (management fees, operating expenses) reduces returns and affects overall price.

Supply and Demand: Investor demand for the fund can impact its market price, deviating from its NAV in some instances.

Currency Fluctuations: If fund invests in assets denominated in foreign currencies, currency exchange rate movements affect its value.

Fund Manager Skill: The fund manager's ability to select profitable investments and manage risk influences fund performance and price.