S&P 500 Performance: SSPY.XETRA's price directly reflects the S&P 500 index's movement. Positive performance in the index leads to price increases, conversely negative performance causes price declines.

Euro/USD Exchange Rate: As SSPY.XETRA trades in Euros, the EUR/USD exchange rate impacts its price. A stronger Euro makes the ETF relatively more expensive for USD-based investors, and vice versa.

Supply and Demand: General supply and demand for the ETF influence its price. Increased demand raises the price, while increased supply lowers it. This factor includes the trading volume of the SSPY.XETRA itself.

Investor Sentiment: Overall market sentiment towards U.S. equities, risk appetite, and broader economic outlook can affect SSPY.XETRA's price.

Dividend Yield: While primarily tracking the S&P 500, dividend payments can slightly impact the ETF's price, especially around ex-dividend dates.

Tracking Error: The ETF's ability to accurately replicate the S&P 500's performance can create a slight difference known as tracking error, impacting price deviations.