Underlying Asset Performance: INDY.MX's price heavily relies on the performance of the underlying index it tracks, which comprises Indian equities. A rise in these equities generally leads to an INDY.MX price increase.

Currency Exchange Rates: As INDY.MX trades in Mexican Pesos, fluctuations in the MXN/INR exchange rate impact its price. A weaker Peso relative to the Rupee increases the ETF's price and vice versa.

Supply and Demand: Basic supply and demand forces within the ETF market influence its price. High demand and limited supply lead to a price increase, while the opposite causes a price decrease.

Investor Sentiment: Overall market sentiment towards Indian equities and emerging markets plays a role. Positive sentiment drives investment and increases INDY.MX's price.

Index Rebalancing: Changes to the underlying index composition, such as adding or removing companies, can affect INDY.MX as it adjusts its holdings to match the index.

Economic Factors in India: Economic indicators like GDP growth, inflation, and interest rates in India affect investor confidence and, consequently, the value of Indian equities and INDY.MX.