Underlying Index Performance: XACT-BEAR.ST's price inversely mirrors the OMX Stockholm 30 Index (OMX30). A falling OMX30 typically raises its price, while a rising OMX30 lowers it.

Management Fees and Expenses: The ETF's operating costs, including management fees, are deducted from its returns, impacting its price relative to the index.

Supply and Demand: Increased demand for XACT-BEAR.ST pushes its price higher, while increased selling pressure lowers it, independent of the index.

Market Sentiment: Overall investor pessimism or bearish views on the Swedish stock market can increase demand for XACT-BEAR.ST, driving up its price.

Currency Exchange Rates: Fluctuations in the value of the Swedish Krona (SEK) can affect the ETF's attractiveness to foreign investors, influencing its price.

Tracking Error: The ETF's ability to perfectly mirror the inverse performance of the OMX30 impacts its price; deviations create tracking error.

Dividend Distributions: XACT-BEAR.ST doesn't distribute dividends directly, potentially making it less appealing than dividend-paying stocks during high dividend periods.