Constituent Stock Prices: The primary driver is the price movement of the 500 largest US companies, as the ETF tracks the S&P 500 index.

Euro/USD Exchange Rate: Since S500H.PA is EUR-denominated, fluctuations in the Euro to US Dollar exchange rate directly impact its price.

Investor Sentiment: General market optimism or pessimism can lead to increased buying or selling pressure, affecting demand and price.

Interest Rates: Changes in interest rates can influence investor appetite for stocks, thus impacting the ETF's price.

Dividend Payments: Dividends paid by the underlying companies are reflected in the ETF's net asset value and subsequently its price.

Expense Ratio: The ETF's management fee, while small, can incrementally impact returns and indirectly affect the price.

Supply and Demand: The balance between buyers and sellers of the ETF units themselves influences the market price.

Global Economic Events: Major economic events worldwide can significantly affect the US stock market and consequently the ETF's price.