Oil and Gas Exploration & Production Companies Performance: XTL tracks companies involved in oil and gas exploration and production. Strong performance in these companies typically drives XTL's price higher.

Crude Oil and Natural Gas Prices: As these ETFs hold shares of energy companies, their profits are highly correlated with the prices of crude oil and natural gas. Higher energy prices generally boost XTL's value.

Market Sentiment: Broad market sentiment towards the energy sector can significantly influence investor demand and, consequently, the ETF's price. Positive sentiment often leads to increased investment.

Interest Rates: Changes in interest rates can affect the valuation of energy companies, as higher rates can increase borrowing costs and reduce profitability, potentially impacting XTL's price negatively.

Regulatory Environment: Government regulations concerning energy production, environmental policies, and taxation can directly impact the profitability of the companies held within the ETF, influencing its price.