Underlying Index Performance: THD.MX mirrors the S&P/BMV IPC index. Its price heavily depends on the index's movements.

Supply and Demand: High demand relative to supply pushes the ETF's price up. Conversely, increased selling pressure can lower the price.

Foreign Exchange Rates: Fluctuations in the USD/MXN exchange rate influence THD.MX as it holds Mexican stocks and is traded in Mexican pesos.

Investor Sentiment: General market optimism or pessimism towards Mexican equities affects investor demand for THD.MX.

Economic Conditions in Mexico: Factors like GDP growth, inflation, and interest rates in Mexico impact the profitability of companies within the index, thus affecting THD.MX.

Global Market Conditions: Broader global economic trends and investor risk appetite can influence investment flows into emerging markets like Mexico and impact THD.MX.

Dividend Payments: Dividend distributions by the underlying companies can indirectly affect the ETF's price as it reflects the companies' financial health.