Underlying Asset Performance: EXH4.MU's price primarily reflects the performance of its underlying holdings, likely an index tracking emerging market healthcare companies. Gains in those stocks boost the ETF's price; losses decrease it. Supply and Demand: Higher demand for EXH4.MU drives its price up, while increased selling pressure lowers it. This dynamic interacts with the ETF's creation and redemption mechanism. Currency Fluctuations: Since EXH4.MU invests in foreign companies, currency exchange rates impact its value. A stronger Euro versus the currencies of the companies it holds can decrease its Euro-denominated price. Expense Ratio: The ETF's annual expense ratio, while small, reduces returns over time, influencing its price trajectory relative to its unburdened index. Market Sentiment: Overall investor confidence or fear in emerging markets and healthcare can significantly impact EXH4.MU's price, independent of company-specific news.