Underlying Asset Performance: The price of XGVD closely mirrors the performance of the companies within the MSCI World Value Index. Gains or losses in these companies directly influence the ETF's NAV.

Supply and Demand: Like any traded asset, XGVD's price is impacted by the buying and selling pressure in the market. High demand can drive the price above its NAV, while increased selling can push it lower.

Currency Fluctuations: As XGVD invests in global equities, currency exchange rates between the Euro and other currencies, especially the currencies of the countries represented in the MSCI World Value Index, can affect its price.

Expense Ratio and Trading Costs: The ETF's annual expense ratio and brokerage fees incurred during trading can indirectly impact returns and investor perception, which can then affect the price.

Market Sentiment: Broad market trends, investor risk appetite, and overall economic outlook can influence the demand for value ETFs like XGVD, impacting its price.