Underlying Asset Performance: The price of 00870B.TWO directly reflects the performance of the Taiwanese corporate bond market it tracks. Positive bond market performance typically raises the ETF price, while negative performance lowers it.

Interest Rate Changes: Rising interest rates generally decrease bond values and consequently the ETF price. Conversely, falling interest rates usually increase bond values and the ETF price.

Credit Spreads: Widening credit spreads (the difference between corporate and risk-free bond yields) suggest increased risk aversion and lower corporate bond values, decreasing the ETF price. Narrowing spreads indicate reduced risk aversion and higher ETF prices.

Supply and Demand: High demand for the ETF pushes its price up, while high supply pushes it down. Market sentiment and trading activity influence supply and demand dynamics.

Management Fees and Expenses: The ETF's expense ratio, covering management fees and operational costs, directly impacts returns and indirectly affects its price relative to the underlying bond market.

Currency Fluctuations: If the ETF holds bonds denominated in a currency different from the investor's home currency, exchange rate fluctuations can affect the ETF's price in the investor's local currency.