Underlying Index Performance: The primary driver is the performance of the Solactive Singapore Total Return Index, which SPPE.XETRA tracks.

Supply and Demand: Increased demand for the ETF generally pushes the price up, while increased selling pressure leads to price declines.

Market Sentiment: Overall investor optimism or pessimism regarding Singapore's economy and stock market can influence ETF prices.

Exchange Rates: Fluctuations in the EUR/SGD exchange rate can impact the ETF's price for Euro-based investors.

Expense Ratio: The ETF's annual expense ratio, while small, can slightly reduce returns over time.

Trading Costs: Brokerage fees and bid-ask spreads associated with buying and selling the ETF can affect the overall cost.

Economic Factors: Singapore's GDP growth, inflation, interest rates, and employment data can indirectly influence the ETF's price.

Political Stability: Political events in Singapore or globally impacting investor confidence can affect the ETF.

Dividend Payouts: Dividend distributions from the underlying Singaporean companies are reflected in the ETF's net asset value.