FactorName: Underlying Index Performance

Explanation: 00712.TW tracks the FTSE Emerging Markets Index. The index's overall performance directly impacts the ETF's price. A rising index typically leads to a higher ETF price, while a falling index results in a lower price.

FactorName: Supply and Demand

Explanation: Market demand for the ETF relative to the supply of available units affects the trading price. High demand pushes the price up, while increased selling pressure can drive it down. This also relates to creation/redemption activity by authorized participants.

FactorName: Expense Ratio and Trading Costs

Explanation: While the expense ratio doesn't directly impact the daily price fluctuations, it affects the long-term returns of the ETF. Trading costs, such as brokerage commissions, will also influence the total investment cost.

FactorName: Currency Fluctuations

Explanation: Since the underlying assets are in emerging markets, currency exchange rates between the NTD and the currencies of those markets affect the ETF's NTD price. Appreciation of emerging market currencies versus the NTD increases the ETF's value, and vice-versa.

FactorName: Investor Sentiment

Explanation: General investor sentiment towards emerging markets and global risk appetite influence the demand for 00712.TW. Positive sentiment can drive more investment into the ETF, increasing the price, while negative sentiment can lead to selling pressure and lower prices.