Underlying Asset Performance: The primary driver is the performance of the Mexican equities the ETF holds. Positive or negative returns in these stocks directly impact ITA.MX's price.

Global Economic Conditions: Global economic health influences investor sentiment towards emerging markets like Mexico. Growth or recession fears can affect demand for the ETF.

Mexican Economic Factors: Mexico's economic performance, including GDP growth, inflation, and interest rates, plays a crucial role in the valuation of Mexican companies and, therefore, ITA.MX.

Currency Fluctuations: Changes in the MXN/USD exchange rate impact returns for international investors. A stronger Peso boosts returns, while a weaker Peso reduces them.

Interest Rates: Higher interest rates in Mexico can impact corporate earnings and valuations, affecting the ETF's price.

Political and Regulatory Environment: Political stability, government policies, and regulatory changes in Mexico can influence investor confidence and impact the ETF.

Investor Sentiment: Overall investor attitude toward risk and emerging markets affects demand for ITA.MX. Positive sentiment can drive prices up, while negative sentiment can cause declines.

Supply and Demand: Basic market forces of supply and demand also play a role. Increased demand relative to supply can lead to a higher ETF price, and vice-versa.

Liquidity: The ease with which ITA.MX shares can be bought and sold affects its price. Lower liquidity can lead to wider bid-ask spreads and potentially greater price volatility.