Russian Market Performance: The price of RSX.MX heavily depends on the overall performance of the Russian stock market. Positive economic data, strong corporate earnings, or increased investor confidence in Russia typically drive the ETF price higher.

Geopolitical Events: Political instability, sanctions, or other geopolitical tensions related to Russia can negatively affect investor sentiment and lead to a decline in the RSX.MX price.

Oil Prices: Russia's economy is significantly reliant on oil revenues. Fluctuations in global oil prices can directly impact the profitability of Russian energy companies and therefore affect the ETF's value.

Currency Exchange Rates: The exchange rate between the Mexican Peso (MXN) and the Russian Ruble (RUB), as well as the USD, impacts the ETF's returns for Mexican investors. A weaker Ruble or a stronger Peso can reduce the ETF's value.

Investor Sentiment: Global investor risk appetite plays a role. If investors are generally risk-averse, they may reduce their exposure to emerging markets like Russia, leading to selling pressure on RSX.MX.

ETF Supply and Demand: The basic forces of supply and demand also influence the ETF price. Higher demand relative to supply will generally push the price up, and vice versa.

Changes in Index Composition: Alterations to the underlying index tracked by the ETF, such as additions or removals of companies, can impact its price.

Interest Rates: Changes in interest rates in Russia or globally can influence investment flows and potentially affect the RSX.MX price.

Economic Sanctions: The imposition or removal of economic sanctions against Russia directly impacts the Russian economy and stock market, which in turn affects the RSX.MX price.