Constituent Stock Prices: The primary driver is the aggregate price movement of the underlying stocks within the EXXY.MU ETF's portfolio. If those stock prices rise, so will the ETF's price, and vice versa. Supply and Demand: Market forces of supply and demand for the ETF units themselves influence its price. Higher demand than supply drives the price up, while the opposite pushes it down. Currency Fluctuations: As EXXY.MU probably holds assets denominated in different currencies, exchange rate variations can affect its value when translated back to the reporting currency. Expense Ratio: The ETF's expense ratio, although small, incrementally impacts returns and therefore the effective price over time. Higher expenses lead to slightly lower overall returns. Tracking Error: The difference between the ETF's performance and the index it tracks (tracking error) can cause deviations in price relative to the index's theoretical value.