Underlying Asset Performance: XESP.F tracks the S&P 500, so its price heavily depends on the collective performance of the 500 largest US-listed companies. Positive performance drives price up, negative down.

Supply and Demand: Like all ETFs, XESP.F's price fluctuates based on buyer and seller activity. High demand relative to supply increases the price, and vice versa.

Currency Exchange Rates: As XESP.F trades in EUR, fluctuations in the EUR/USD exchange rate affect its price for Eurozone investors. A stronger USD makes the ETF more expensive.

Expense Ratio: While not directly influencing price movements moment-to-moment, the ETF's expense ratio (ongoing fee) gradually erodes returns over time, impacting its long-term price performance.

Interest Rates: Rising interest rates can make bonds more attractive, potentially diverting investment away from equities and impacting XESP.F's price.

Economic Conditions: Broad economic indicators like GDP growth, inflation, and unemployment influence investor sentiment and company earnings, indirectly affecting the S&P 500 and thus XESP.F.