Underlying Index Performance: The primary driver is the performance of the MSCI Korea IMI Select 20/50 index, which MKK1.XETRA aims to track. Any fluctuations in the index's constituent Korean stocks directly impact the ETF's NAV.

Supply and Demand: Market forces of buying and selling pressure on the ETF shares also influence its price. Higher demand can push the price above its NAV, while increased selling can cause it to trade below.

Currency Exchange Rates: As the underlying assets are Korean stocks traded in Korean Won, the EUR/KRW exchange rate affects the ETF's price for Euro-based investors. A weakening Won decreases the ETF's value in Euro terms.

Expense Ratio and Tracking Error: The ETF's expense ratio and its ability to accurately track the index (tracking error) can influence its price relative to its theoretical value. Higher expenses or greater tracking error may slightly depress the price.

Market Sentiment towards Korean Equities: General investor sentiment towards the Korean stock market and its economic outlook will have an effect on the demand, and therefore price, of the ETF. Positive sentiment increases demand while negative sentiment decreases it.