Underlying Index Performance: The primary driver is the performance of the index it tracks, likely a Taiwan bond index. Upward index movements lead to ETF price increases and vice versa. Interest Rate Changes: Rising interest rates generally decrease bond values, thus lowering the ETF price. Conversely, falling rates often increase bond values and the ETF price. Supply and Demand: ETF prices can fluctuate based on investor buying and selling pressure. Higher demand typically pushes prices up, while increased selling can lower them. Management Fees and Expenses: The ETF's expense ratio can slightly impact its price, as these costs are deducted from the fund's assets. Credit Risk Perception: Changes in the perceived creditworthiness of the bonds held by the ETF influence its price. Downgrades can lower prices.