Underlying Asset Performance: The price of the ETF is primarily influenced by the performance of the Spanish stocks that make up its underlying index, the IBEX 35. A rise in the index value usually translates to a rise in the ETF's price. Supply and Demand: Market forces of supply and demand for the XESP.XETRA ETF itself directly affect its price. Higher demand relative to supply pushes the price upward, while increased selling pressure drives it down. Investor Sentiment: Overall investor sentiment towards Spanish equities and the European market significantly impacts the ETF's price. Positive sentiment leads to increased investment, while negative sentiment causes selling pressure. Currency Fluctuations: Changes in the EUR/USD exchange rate can impact the value of the ETF for investors holding it in a different currency. A weaker Euro can make the ETF more attractive to foreign investors, potentially increasing demand. Dividend Payments: Dividends paid by the underlying Spanish companies in the index are reflected in the ETF's price. After the ex-dividend date, the ETF's price usually decreases by an amount roughly equivalent to the dividend distributed.