Underlying Assets: The price of XSMO.US is directly influenced by the performance of the small-cap stocks it tracks, reflecting their collective market value.

Supply and Demand: Market forces such as investor interest and trading activity drive fluctuations in XSMO.US's price, with higher demand increasing price and vice versa.

Expense Ratio: While not directly affecting daily price changes, the ETF's expense ratio can indirectly impact returns over time, reducing the overall investment gains.

Economic Conditions: Broad economic factors like GDP growth, interest rates, and inflation can impact the valuation of the underlying small-cap stocks and thus XSMO.US's price.

Sector Performance: The performance of sectors heavily represented within XSMO.US's holdings can influence its overall price, as sector-specific trends impact the included companies.

Market Sentiment: General investor attitudes towards risk and small-cap stocks can significantly affect the demand and price of XSMO.US, reflecting broader market optimism or pessimism.