Constituent Stock Prices: 00654R.TW tracks a specific index, so the prices of the underlying stocks in that index directly influence the ETF's price. If the constituent stocks increase in value, the ETF's price will likely rise, and vice versa.

Supply and Demand: General market demand for the ETF plays a key role. High demand can push the ETF's price above its net asset value (NAV), while low demand can depress the price below NAV. Trading activity and investor sentiment impact demand.

Net Asset Value (NAV): NAV is the per-share value of the ETF's underlying assets. It's a key indicator, and the ETF's market price generally tracks NAV closely. Discrepancies between market price and NAV create arbitrage opportunities that traders exploit, keeping them aligned.

Market Sentiment: Broad market trends and investor confidence affect all assets, including ETFs. Positive market sentiment can drive investment into ETFs, while negative sentiment can lead to selling pressure.

Expense Ratio: While not a direct price driver, the expense ratio (the annual fee charged to manage the ETF) affects the long-term return and attractiveness of the ETF. A high expense ratio might make it less appealing compared to similar, lower-cost ETFs.