Underlying Asset Performance: The primary driver is the performance of the underlying Russian equities tracked by the ETF. Positive performance increases the ETF's NAV and price.

Supply and Demand: Like any exchange-traded product, SXRU.F's price is influenced by buying and selling pressure. Higher demand relative to supply typically pushes the price up.

Geopolitical Events: As the ETF focuses on Russian equities, major political events (e.g., sanctions, policy changes, international relations) significantly impact investor sentiment and ETF price.

Currency Fluctuations: Changes in the exchange rate between the Euro (trading currency of SXRU.F) and the Russian Ruble can affect the value of the underlying holdings and, consequently, the ETF's price.

Economic Data: Russian economic indicators (e.g., GDP growth, inflation, interest rates) influence company profitability and investor confidence, impacting the ETF's value.

Investor Sentiment: Overall market sentiment towards emerging markets, and specifically Russia, plays a role. Positive sentiment attracts investors, increasing demand and price.

Index Rebalancing: Periodic rebalancing of the underlying index tracked by SXRU.F can lead to price fluctuations as the ETF adjusts its holdings to mirror the index's composition.

Trading Costs and Liquidity: Higher trading costs and lower liquidity can widen the bid-ask spread and make it more difficult to buy or sell large volumes of the ETF without impacting the price.

Regulatory Changes: Changes in regulations concerning foreign investment in Russia or regulations impacting ETFs in general can influence the ETF's attractiveness and price.