Underlying Asset Performance: HSPA.PA's price mirrors the performance of the underlying companies it tracks, primarily those in the S&P 500. Positive performance increases its NAV, driving up its price.

Supply and Demand: Market demand for HSPA.PA shares relative to the available supply impacts its price. Higher demand pushes prices up, while increased supply can lower them.

Interest Rates: Changes in interest rates, particularly from central banks, influence investor sentiment and bond yields, affecting the attractiveness and valuation of assets within HSPA.PA.

Economic Conditions: Overall economic health, including GDP growth, inflation, and unemployment, impacts corporate earnings and investor confidence, influencing HSPA.PA's price.

Currency Fluctuations: As HSPA.PA is traded in EUR while its underlying assets are USD-denominated, exchange rate changes between EUR and USD can affect its price. A stronger EUR decreases its value.

Investor Sentiment: Broad market sentiment, risk appetite, and news events can drive buying or selling pressure in HSPA.PA, regardless of underlying fundamentals.

ETF Management Fees: While indirectly, the ETF's expense ratio and management fees impact its long-term performance and attractiveness, affecting its perceived value.

Dividend Yield: HSPA.PA’s dividend yield relative to other investment options influences its attractiveness to income-seeking investors, affecting demand and price.