Underlying Index Performance: The primary driver is the performance of the MSCI USA Minimum Volatility Index, which USMV.MX tracks. Upward or downward movement in the index directly impacts the ETF's price.

Currency Exchange Rates: As USMV.MX is traded in Mexican pesos (MXN) but holds US stocks, fluctuations in the USD/MXN exchange rate affect its price. A stronger USD relative to MXN generally increases the price, and vice versa.

Market Sentiment: General investor confidence or fear in the US stock market can influence demand for low-volatility ETFs like USMV.MX. Increased risk aversion may drive more investment into it, raising its price.

Supply and Demand: The basic economic principle of supply and demand plays a role. High demand relative to the available supply of USMV.MX shares will push the price up, while increased selling pressure can lower it.

Expense Ratio: While the expense ratio doesn't directly affect the daily price, it reduces the overall return over time, potentially impacting long-term investor sentiment and subsequent demand.

Interest Rates: Changes in US interest rates can impact the attractiveness of US stocks, influencing the performance of the underlying index and consequently the price of USMV.MX.

Economic Data Releases: Major US economic data releases (e.g., GDP growth, inflation figures, employment reports) can trigger market reactions, affecting the underlying index and therefore the ETF's price.

Geopolitical Events: Global political or economic events that impact the US stock market can indirectly influence the performance of the MSCI USA Minimum Volatility Index and the value of USMV.MX.