Underlying Asset Performance: SPFB.XETRA's price closely tracks the performance of its underlying assets, typically Russian equities. Strong performance boosts the ETF's value.

Supply and Demand: Market dynamics of buying and selling pressure directly influence SPFB.XETRA's price. High demand increases the price, while increased selling can decrease it.

Currency Exchange Rates: As SPFB.XETRA trades in euros but holds assets denominated in rubles, fluctuations in the EUR/RUB exchange rate significantly impact its price.

Geopolitical Events: Political instability, sanctions, or major global events involving Russia can cause rapid price swings in SPFB.XETRA, reflecting market uncertainty.

Economic Data: Key Russian economic indicators like GDP growth, inflation rates, and interest rate decisions can influence investor sentiment and affect SPFB.XETRA's price.

Index Tracking Efficiency: How closely SPFB.XETRA mirrors its benchmark index also affects its price. Imperfect tracking can lead to discrepancies.

Investor Sentiment: Overall market optimism or pessimism regarding Russian assets plays a crucial role. Positive sentiment drives up the price, while negative sentiment pushes it down.