Underlying Index Performance: 00635U.TW tracks a specific index, thus its price largely mirrors the performance of the constituent assets in that index. A rise in the index value typically leads to a rise in the ETF price, and vice versa. Supply and Demand: Market forces of supply and demand directly impact the ETF's price. Higher demand pushes the price up, while increased selling pressure lowers it. Net Asset Value (NAV): The NAV is the per-share value of the ETF's underlying assets. The market price of the ETF usually stays close to the NAV, but discrepancies can occur. Investor Sentiment: Overall market sentiment and investor confidence affect the ETF's price. Positive sentiment drives buying, while negative sentiment triggers selling. Tracking Error: This refers to the difference between the ETF's returns and the returns of the index it tracks. Higher tracking error can lead to price deviations. Expense Ratio: The ETF's expense ratio, which covers management fees and operational costs, indirectly affects its price by reducing overall returns. Market Liquidity: Higher liquidity, indicated by tight bid-ask spreads and substantial trading volume, ensures smoother price discovery and minimizes price impact from large trades. Currency Fluctuations: For ETFs investing in international assets, currency exchange rate fluctuations can influence returns and consequently affect the ETF price. Economic Factors: Broader economic indicators like interest rates, inflation, and GDP growth can impact the performance of the underlying assets and the ETF's price. Geopolitical Events: Unexpected political or geopolitical events can create market volatility and affect investor sentiment, leading to price swings in the ETF.