Fundamentally, the SEPU.US ETF price is driven by the net asset value (NAV) of its underlying securities. NAV is calculated by subtracting the fund's liabilities from its assets (the value of its holdings) and dividing by the number of outstanding shares.

Supply and Demand: Higher demand than supply pushes the ETF's market price above its NAV. Conversely, more sellers than buyers can cause the price to dip below NAV. Market sentiment and trading volume heavily influence this.

Underlying Index Performance: SEPU.US tracks a specific index; its performance directly impacts the ETF's value. Positive performance in the index constituents typically leads to an increase in the ETF's price, and vice versa.

Expense Ratio: The ETF's expense ratio, representing management fees and operating costs, reduces the overall return. While not directly affecting the market price, it affects the total investment return and indirectly the price.

Tracking Error: Tracking error is the difference between the ETF's return and the return of its benchmark index. Higher tracking error could lead to investors being less confident and sell, putting downward pressure.

Market Conditions: General market conditions, such as economic growth, inflation, interest rates, and geopolitical events, influence investor sentiment and trading activity, impacting demand and thus, the price of the ETF.