Underlying Asset Performance: VT.MX's price heavily depends on the collective performance of the global stock market it tracks. A rise in global stock values generally lifts VT.MX. Supply and Demand: Basic economics dictate that increased demand for VT.MX, relative to its supply, pushes its price higher. Conversely, higher supply with low demand lowers prices. Expense Ratio: Although not directly affecting the price second-by-second, the expense ratio subtly reduces returns over time, influencing long-term price appreciation compared to a zero-expense ETF. Currency Fluctuations: As VT.MX holds international stocks, currency exchange rates between the Mexican Peso (MXN) and other currencies impact its price, particularly the USD and EUR. Economic Indicators: Global economic health, including GDP growth, inflation rates, and unemployment figures, indirectly affects VT.MX by influencing the performance of the underlying companies. Investor Sentiment: General market optimism or pessimism plays a key role. Bullish sentiment may drive increased buying of VT.MX, while bearishness could lead to selling pressure.