Underlying Assets' Performance: The primary driver is the performance of the stocks held within the 104520.KO ETF. If those stocks rise, the ETF's price generally increases, and vice versa.

Supply and Demand: Market forces of supply and demand also play a crucial role. Higher demand than supply pushes the price up; increased supply relative to demand causes it to fall.

Index Tracking Accuracy: How closely the ETF tracks its target index influences its price. Deviations, known as tracking error, can create differences between the ETF's price and the index's performance.

Expense Ratio: The ETF's management fee, known as the expense ratio, can indirectly affect its price by reducing returns over time compared to a lower-cost alternative.

Market Sentiment: Overall investor sentiment towards the Korean stock market or specific sectors within the ETF can impact buying and selling pressure, thus affecting the ETF's price.

Currency Exchange Rates: Fluctuations in the exchange rate between the Korean Won and other currencies, particularly the US dollar, can affect the ETF's price for investors holding it in other currencies.

Economic Conditions: Economic factors in Korea, such as GDP growth, inflation, and interest rates, influence the performance of the underlying companies and, consequently, the ETF's price.

Geopolitical Events: Geopolitical events affecting Korea or the broader global economy can introduce volatility and impact investor confidence, influencing the ETF's price.

News and Events: Company-specific news and events concerning the companies within the ETF, as well as broader market news, can lead to price fluctuations.

Interest Rates: Changes in interest rates set by the Bank of Korea can impact the valuation of companies within the ETF, potentially influencing the ETF's price.