Underlying Asset Performance: The price of VIS.MX heavily depends on the performance of the Mexican stock market it tracks, specifically the S&P/BMV IPC index. Upward movements in the index generally lead to increases in the ETF's price, and vice-versa.

Supply and Demand: Basic economic principles apply. Higher demand for VIS.MX shares pushes the price up, while increased selling pressure leads to price decreases.

Peso Exchange Rate: Since VIS.MX invests in Mexican assets, fluctuations in the MXN/USD exchange rate impact its price. A stronger Peso increases the ETF's value in USD terms, and a weaker Peso reduces its value.

Dividend Yield: Dividends paid by the companies within the S&P/BMV IPC index contribute to the ETF's total return and influence its price. Higher dividend yields may make the ETF more attractive to investors.

Expense Ratio: The ETF's management fees and operating expenses, expressed as the expense ratio, can indirectly affect its price. Higher expense ratios may slightly dampen returns compared to similar ETFs with lower costs.

Investor Sentiment: General market sentiment towards Mexican equities and emerging markets plays a role. Positive sentiment drives investment, and negative sentiment leads to selling pressure.