Underlying Index Performance: The primary driver is the performance of the MSCI World index, which EXS1.DU aims to track. Upward or downward movements in the index directly influence the ETF's price. Supply and Demand: Market demand for EXS1.DU shares relative to the available supply can cause price fluctuations. Higher demand leads to a premium, while increased selling pressure results in a discount. Currency Exchange Rates: As the underlying assets are international, currency fluctuations between the Euro and the currencies of the companies in the MSCI World index will impact the EUR-denominated ETF price. Investor Sentiment: Overall market optimism or pessimism, global economic outlook, and risk appetite among investors influence buying and selling decisions in EXS1.DU, thereby affecting its price. Trading Costs & Liquidity: Brokerage fees, bid-ask spreads, and the ETF's liquidity (ease of buying/selling) can indirectly impact the effective price investors pay or receive. Fund Management Fees: Although not directly impacting daily price swings, the annual management fee charged by the ETF provider influences the long-term return and relative attractiveness of EXS1.DU.