Underlying Index Performance: The primary driver is the performance of the MSCI Taiwan ex Electronics index, which 00735.TW tracks. Positive index returns increase ETF value, and vice versa.

Supply and Demand: Market forces dictate price. High demand pushes prices up; high supply pushes prices down, relative to its net asset value.

Net Asset Value (NAV): The NAV reflects the total value of underlying assets minus liabilities, divided by outstanding shares. ETF price should closely mirror its NAV.

Expense Ratio: The ETF's management fee impacts returns. Higher expense ratios reduce overall returns, impacting its attractiveness compared to other ETFs.

Currency Fluctuations: Since the underlying index is based in Taiwan, changes in the TWD/USD exchange rate can affect the ETF's price for investors trading in other currencies.

Market Sentiment: Overall investor confidence or fear about the Taiwanese market or global economy influences trading activity and ETF prices.

Dividend Payments: Dividends paid by companies within the underlying index are reflected in the ETF's price, potentially leading to price increases.

Interest Rates: Changes in interest rates can impact investor appetite for equities, thereby affecting demand for ETFs like 00735.TW.