Nordic Stock Market Performance: The overall performance of stock markets in Denmark, Finland, Norway, and Sweden, as these countries comprise the ETF's underlying index.

Constituent Stock Prices: Price fluctuations of the individual companies within the XACT-NORDEN.ST ETF, directly impacting the ETF's net asset value.

Currency Exchange Rates: Changes in the exchange rates between the Swedish Krona (SEK), the ETF's trading currency, and the currencies of the Nordic countries' stocks, affecting returns.

Investor Sentiment: General investor feelings towards Nordic equities and the broader European market influence demand and supply for the ETF.

Economic Conditions: Macroeconomic factors like GDP growth, inflation, and interest rates in the Nordic region can shift investor outlook and trading activity.

Dividend Payments: Dividend payouts from the underlying companies, while reinvested, may affect the ETF's market price around distribution dates.

Supply and Demand: The balance between buyers and sellers of the ETF itself determines its market price, potentially leading to premiums or discounts to its NAV.