Underlying Assets: The performance of the securities the ETF tracks directly impacts its price. A rise in underlying assets typically leads to a price increase, while a fall leads to a price decrease.

Supply and Demand: Market forces of supply and demand for the ETF itself influence its price. Higher demand pushes the price up, while increased selling pressure drives it down.

Market Sentiment: Overall investor optimism or pessimism towards the asset class or market segment the ETF represents affects its price. Positive sentiment leads to higher demand and prices.

Expense Ratio & Tracking Error: Higher expense ratios reduce returns and can make the ETF less attractive, potentially affecting its price. Similarly, large tracking errors (deviation from index return) can negatively impact demand.

Currency Fluctuations: Changes in the exchange rate between the euro (where UCT2.XETRA is traded) and the currency of underlying assets affect the ETF's euro-denominated price.