Underlying Asset Performance: IVV.MX's price closely mirrors the performance of the S&P 500 index. Strong performance in the index will likely drive IVV.MX's price higher.

Supply and Demand: Like all ETFs, IVV.MX's price fluctuates based on investor demand. Higher demand can push the price above its net asset value (NAV).

Currency Exchange Rates: As IVV.MX is traded in Mexican pesos, the USD/MXN exchange rate affects its price. A stronger peso can decrease the price.

Market Sentiment: Overall market optimism or pessimism can influence investor behavior and, consequently, the demand and price of IVV.MX.

Expense Ratio: While not a direct driver of price fluctuations, the expense ratio does affect the overall return an investor receives from IVV.MX over time.

Interest Rates: Changes in interest rates can indirectly affect stock valuations and, therefore, the S&P 500, which in turn impacts IVV.MX.

Economic Indicators: Broad economic data, like inflation, GDP growth, and employment figures, influence market sentiment and can indirectly affect IVV.MX's price.

Geopolitical Events: Major global or regional events can create market volatility and affect investor risk appetite, leading to price fluctuations in IVV.MX.