Index Performance: The underlying index's movement significantly impacts the ETF's price. If the index rises, the ETF price typically follows, and vice versa.

Supply and Demand: Increased demand for the ETF pushes the price up, while higher supply leads to a price decrease.

Net Asset Value (NAV): The NAV, representing the total value of the ETF's holdings minus liabilities divided by outstanding shares, acts as a theoretical fair value. Deviations from NAV can create arbitrage opportunities.

Market Sentiment: General investor optimism or pessimism can influence the ETF's trading price, regardless of the underlying index's actual performance.

Expense Ratio: While not a direct driver of price fluctuations, a higher expense ratio can slightly reduce returns over time, affecting its attractiveness to investors and, indirectly, its price.

Currency Exchange Rates: As the ETF may contain assets denominated in other currencies, fluctuations in exchange rates between NTD and those currencies can impact its NTD price.