Underlying Asset Performance: The primary driver is the performance of the assets held within the fund. If the underlying investments increase in value, the fund's price will likely rise, and vice-versa.

Market Conditions: Broad market trends, economic indicators, and investor sentiment significantly impact asset valuations, affecting the fund's price. Positive market sentiment often leads to increased investment and price appreciation.

Fund Management Fees: Management fees and other expenses directly reduce the fund's net asset value, thus impacting its price. Higher fees mean a smaller return for investors.

Supply and Demand: Increased demand for the fund, driven by positive performance or investor interest, can push the price higher. Conversely, significant redemptions can put downward pressure on the price.

Currency Exchange Rates: For funds holding assets in different currencies, exchange rate fluctuations can significantly affect the fund's value when converted back to the fund's base currency (likely EUR in this case).

Interest Rates: Changes in interest rates can impact the valuation of fixed-income assets within the fund, affecting its overall price. Rising rates generally decrease bond values.

Geopolitical Events: Major political or economic events, especially those affecting the regions or sectors the fund invests in, can create volatility and influence its price.