Underlying Index Performance: XDEQ tracks a specific equity index. The ETF's price closely mirrors the performance of the assets within that index. A rise in the index value typically leads to a price increase for the ETF, and vice versa.

Supply and Demand: Market forces of supply and demand impact the ETF's price. High demand can push the price above its net asset value (NAV), while increased selling pressure might cause it to trade below NAV.

Net Asset Value (NAV): The NAV represents the total value of the ETF's underlying holdings minus liabilities, divided by the number of outstanding shares. The ETF price should stay close to its NAV.

Investor Sentiment: Overall investor confidence and risk appetite influence ETF prices. Positive sentiment often drives investments in equity ETFs like XDEQ, increasing their value. Conversely, negative sentiment can lead to sell-offs and price declines.

Currency Exchange Rates: As XDEQ.XETRA is traded in EUR, fluctuations in EUR exchange rates against the currencies of the underlying assets can affect its price, especially if the underlying assets are not EUR-denominated.

Market Maker Activity: Market makers play a crucial role in ensuring liquidity and minimizing price discrepancies between the ETF and its NAV. Their trading activities help maintain price stability.

Expense Ratio and Trading Costs: Although these are indirect impacts, higher expense ratios compared to similar ETFs can make XDEQ less attractive, potentially affecting its demand and price. Trading costs like brokerage fees also influence investor returns.