Underlying Asset Performance: XUEM tracks an index of emerging market equities. Its price fluctuates based on the performance of these companies.

Currency Fluctuations: The ETF is priced in EUR, but holds assets in various currencies. Exchange rate shifts can impact its value.

Market Sentiment: Investor confidence in emerging markets influences demand for XUEM, affecting its price.

Interest Rates: Changes in interest rates, particularly in developed economies, can impact capital flows to emerging markets, and thus XUEM.

Economic Growth: Emerging market economic growth prospects directly affect company earnings and the ETF's value.

Geopolitical Events: Political instability, trade wars, and other geopolitical risks in emerging markets can negatively affect XUEM's price.

ETF Supply and Demand: Increased demand for XUEM pushes its price up, while increased supply pushes it down.

Fund Management Fees: The ETF's expense ratio reduces its overall return, but does not directly affect the price on a daily basis.

Tracking Error: The difference between the ETF's performance and the index it tracks can subtly affect its price relative to the index.

Liquidity: Higher liquidity generally leads to tighter bid-ask spreads and more efficient pricing of the ETF.