Underlying Asset Performance: MA35.PA tracks the performance of an index. The ETF's price mirrors changes in the value of the assets within that index. Upward movement in the underlying index typically drives the ETF price higher, while a decline causes it to fall.

Supply and Demand: ETF prices are also influenced by supply and demand in the market. High demand can push the price above its net asset value (NAV), while excess supply can cause it to trade below NAV.

Market Sentiment: Overall investor sentiment towards the asset class or region the ETF represents can significantly affect its price. Positive sentiment generally boosts demand and price.

Interest Rates: Changes in interest rates can influence the attractiveness of ETFs, particularly those holding bonds or dividend-paying stocks. Higher interest rates may decrease demand.

Currency Fluctuations: If the ETF invests in international assets, currency exchange rate fluctuations can impact the ETF's returns and price. A stronger euro increases the value of assets in other currencies.

ETF Management Fees: While not a direct price driver, higher management fees can reduce the overall return of the ETF, potentially impacting its long-term appeal and, consequently, its price.

Index Rebalancing: Periodic index rebalancing, where the composition of the underlying index changes, can create trading activity in the ETF and affect its price as the ETF adjusts its holdings.

Economic Indicators: Key economic indicators like GDP growth, inflation, and unemployment rates can influence the performance of the underlying assets and, therefore, the ETF's price.