Underlying Index Performance: The ETL2.XETRA ETF's price is primarily driven by the performance of the underlying index it tracks. A rise in the index's value leads to an increase in the ETF's price and vice versa.

Supply and Demand: Market forces of supply and demand for the ETF units directly impact its price. Higher demand than supply pushes the price up, while greater supply than demand causes it to fall.

Currency Exchange Rates: As a XETRA-listed ETF, currency fluctuations between the euro and currencies of the underlying assets can affect its price. A stronger euro may reduce returns if the underlying assets are in other currencies.

Expense Ratio and Tracking Error: The ETF's expense ratio, charged annually, impacts investor returns and, therefore, indirectly influences its price. Similarly, a higher tracking error – the difference between the ETF's performance and the index's – can also affect investor perception and price.

Market Sentiment: Overall investor sentiment towards the asset class represented by the index plays a role. Positive sentiment can increase buying pressure, driving up the ETF's price, while negative sentiment can lead to selling and price declines.