Underlying Index Performance: The price of EXS2.F closely tracks the Solactive Eurozone ex Banks & Insurance Select Factor Index NTR. Strong performance in this index generally leads to a higher ETF price.

Supply and Demand: Increased investor demand for EXS2.F drives the price up, while increased selling pressure pushes the price down. This is a fundamental economic principle.

Market Sentiment: Overall market optimism or pessimism towards Eurozone equities and factor-based investing can significantly influence investor appetite for EXS2.F.

Currency Fluctuations: Since EXS2.F holds Eurozone assets, changes in the Euro/other currency exchange rate can impact its price, especially for investors outside the Eurozone.

Fund Management Fees: Although reflected in the daily NAV, high expense ratios can indirectly affect investor demand and therefore the ETF's market price over time.

Changes in Index Composition: Rebalancing or adjustments within the Solactive Eurozone ex Banks & Insurance Select Factor Index NTR can trigger trading activity and affect the ETF's price.

Dividend Payments: Dividends paid by the underlying companies in the index, passed on to ETF holders, can briefly affect the ETF price as it adjusts post-distribution.

Interest Rates: Interest rate changes in the Eurozone can indirectly influence company valuations and, consequently, the price of the underlying index and the ETF.