Underlying Index Performance: The EXSG.MU ETF tracks the MSCI China ESG Leaders Index. Therefore, the performance of the constituent companies within that index directly impacts the ETF's price. If the overall index rises, the ETF's price will likely rise as well. Supply and Demand: General market conditions and investor sentiment towards Chinese equities and ESG investments influence demand for EXSG.MU shares. Higher demand generally drives prices up, while increased selling pressure can push prices down. Currency Fluctuations: As the ETF holds Chinese stocks, changes in the relative value of the Chinese Yuan (CNY) against other currencies (especially the Euro, since the ETF is listed on the Euronext) can affect returns when translated back into the investor's base currency. Expense Ratio: The ETF's expense ratio, although small, represents the annual cost of managing the fund. A higher expense ratio slightly reduces the overall return for investors and therefore impact the pricing. Geopolitical and Regulatory Risks: Changes in Chinese government policies, regulations affecting companies, or geopolitical events influencing China's economic outlook impact investor confidence and subsequently the ETF's price.