**Underlying Assets**: The primary driver of XGLU.XETRA's price is the performance of the global listed infrastructure companies it tracks. Changes in their stock values directly impact the ETF's NAV.

**Supply and Demand**: Like any traded asset, XGLU.XETRA's price is influenced by the forces of supply and demand. Increased buying pressure drives the price up, while increased selling pressure causes it to fall.

**Market Sentiment**: Overall market sentiment towards infrastructure investments and global equities can affect demand for XGLU.XETRA. Positive outlooks increase demand; negative outlooks decrease it.

**Currency Fluctuations**: As XGLU.XETRA holds global assets, currency fluctuations between the Euro (its trading currency) and the currencies of the underlying assets can impact its value. A stronger Euro can decrease the ETF's price, and vice versa.

**Interest Rates**: Changes in global interest rates, particularly those of major economies, can affect the attractiveness of infrastructure investments and, consequently, XGLU.XETRA's price.

**Economic Growth**: Expectations of economic growth in countries where the underlying infrastructure companies operate can positively impact the ETF, while anticipated slowdowns can negatively impact it.

**Geopolitical Events**: Major geopolitical events, such as political instability or changes in government regulations, can impact investor confidence and, therefore, demand for the ETF.

**Fund Flows**: Significant inflows into the ETF typically push the price higher, while large outflows exert downward pressure.

**Expense Ratio**: While not directly affecting daily price fluctuations, the expense ratio does impact the overall return on investment over the long term.

**Tracking Error**: The ETF aims to replicate its benchmark index. Any divergence between the ETF's performance and the index's performance (tracking error) can affect its relative value and price.