Underlying Assets Performance: The ETF's price closely tracks the performance of the companies within its index. If those companies thrive, the ETF generally rises. Conversely, poor company performance will likely pull the ETF price down. Supply and Demand: Basic economics dictates that higher demand pushes prices up, while increased supply leads to price decreases. Increased investor interest in the ETF can drive up its price. Index Tracking Accuracy: How well the ETF mirrors its target index influences its price. Deviations from the index's returns can create tracking error, affecting investor perception and the ETF's valuation. Market Sentiment: Overall investor mood and confidence in the stock market can significantly influence ETF prices. Bullish sentiment often drives prices up, while bearish sentiment can lead to declines. Currency Fluctuations: Changes in the relative value of the New Taiwan dollar against other currencies can impact the ETF's price, especially if the underlying assets have international exposure. Interest Rates: Rising interest rates can make bonds more attractive, potentially drawing investment away from equities, including ETFs like 00923.TW, leading to a price decrease.