**Underlying Index Performance:** The primary driver is the performance of the MSCI China A Onshore ex Inclusion Index, which XZMJ.XETRA tracks. Positive index movements lead to higher ETF prices and vice-versa. **Supply and Demand:** Basic economics dictate that increased demand for XZMJ.XETRA, exceeding supply, will push the price up. Conversely, greater selling pressure than buying will lower the price. **Investor Sentiment:** Overall market sentiment towards Chinese A-shares plays a role. Positive outlooks can increase investment, while negative sentiment can trigger sell-offs impacting the ETF price. **Currency Fluctuations:** As the ETF invests in Chinese assets, the relative strength of the Euro (trading currency) versus the Chinese Yuan (underlying asset currency) affects the ETF's price. **Expense Ratio and Tracking Error:** The ETF's annual expense ratio directly reduces returns. Tracking error (deviation from the index) can also impact performance relative to the index, influencing price. **Liquidity of the Underlying Assets:** The ease with which the underlying Chinese A-shares can be bought or sold influences the ETF's pricing. Less liquid assets might cause price discrepancies.