Global Interest Rate Environment: Higher interest rates generally decrease the present value of future cash flows, potentially lowering ETF prices. Conversely, lower rates may increase prices.

Performance of Underlying Nordic Equities: The ETF's price is directly tied to the performance of the Nordic companies it tracks. Positive company performance boosts the ETF, while negative performance drags it down.

Investor Sentiment Towards Nordic Markets: Overall investor confidence or lack thereof in Nordic economies and companies can significantly impact demand for the ETF, influencing its price.

Currency Exchange Rates (EUR/Nordic Currencies): Fluctuations between the Euro (the ETF's trading currency) and Nordic currencies can impact returns, affecting the ETF's price. A stronger Euro relative to Nordic currencies may decrease returns for Euro-based investors.

ETF Supply and Demand: Higher demand than supply will generally drive the price up, while greater supply than demand will typically push the price down.

Fund Management Fees and Expenses: Although not directly determining the price, higher fees can detract from returns, making the ETF less attractive and potentially impacting its relative price.

Changes in the ETF's Underlying Index: If the index methodology changes or companies are added or removed, it can affect the ETF's composition and subsequently its price.

Economic Conditions in Nordic Countries: Economic growth, recessions, inflation, and unemployment levels in Nordic nations all play a role in determining the profitability and valuations of the underlying companies.

Geopolitical Events: Global or regional political instability or major events could affect the Nordic economies and markets, impacting the ETF's price.