Underlying Asset Performance: The fund's price heavily relies on the performance of the assets it holds, mainly European equities. Positive returns in those stocks typically drive the fund's price up.

Market Sentiment: Overall investor confidence and risk appetite within European stock markets significantly influence the fund's valuation. Optimism boosts prices, while pessimism can cause declines.

Currency Fluctuations: As the fund likely invests in European assets priced in Euros, changes in the EUR/GBP exchange rate impact the fund's value when viewed from a GBP perspective. A stronger Euro increases the fund's GBP price.

Fund Management Decisions: Investment decisions by the fund manager, such as stock selection and asset allocation, directly affect the fund's returns and thus its price. Successful choices improve returns, while poor decisions diminish them.

Expense Ratio and Fees: The fund's ongoing expenses, including management fees and operational costs, are deducted from its returns. Higher expense ratios can slightly reduce the fund's overall performance and relative attractiveness.

Supply and Demand: Basic economic principles apply. If there's high demand for the fund, the price can increase, while increased selling pressure can drive the price lower.