Supply and Demand: General supply and demand for the ETF. Higher demand relative to supply increases price; lower demand decreases it. Underlying Assets: The performance of the companies within the S&P/BMV IPC index, which HEZU.MX tracks. Positive performance drives ETF price up, negative down. Market Sentiment: Overall investor confidence and risk appetite towards the Mexican stock market and Latin American equities. Economic Conditions: Mexico's macroeconomic factors like GDP growth, inflation, interest rates and unemployment levels. Currency Fluctuations: The exchange rate between the Mexican Peso (MXN) and other currencies, particularly the US dollar (USD). Dividend Yields: Dividend payouts from the underlying companies affect the ETF's attractiveness and thus its price. Interest Rates: Changes in interest rates can impact the attractiveness of equities relative to bonds and other fixed-income assets. Expense Ratio and Fees: The ETF's expense ratio and any other fees charged impact its overall return and attractiveness to investors. Political and Regulatory Events: Political stability, government policies, and regulations in Mexico can affect investor confidence and market performance.