Underlying Asset Value: SEAA.XETRA's price closely tracks the Net Asset Value (NAV) of its underlying assets, primarily Southeast Asian equities. Fluctuations in these stock prices directly impact the ETF's value.

Supply and Demand: Market forces play a role. Higher demand generally pushes the price above its NAV, while increased selling pressure can cause it to trade below NAV, creating a premium or discount.

Currency Exchange Rates: As SEAA.XETRA invests in Southeast Asian markets, currency fluctuations between the Euro and local currencies can affect returns and thus the ETF's price. A strengthening Euro versus ASEAN currencies would negatively affect the price.

Index Tracking Accuracy: The ETF aims to mirror the performance of a specific Southeast Asian equity index. Imperfect tracking, due to expenses or fund management strategies, can cause deviations and impact price relative to the index.

Geopolitical and Economic Factors: Economic data releases, political events, and changes in investor sentiment towards Southeast Asian markets influence the prices of the underlying assets and, consequently, the ETF's value.