Underlying Asset Performance: 117700.KO's price closely tracks the performance of its underlying assets, usually a specific index or a basket of securities. Higher asset values drive ETF prices up, lower values pull them down. Supply and Demand: Basic economics apply. High demand pushes prices up, while increased selling pressure and oversupply can lower prices. ETF creation and redemption mechanisms moderate this, but fluctuations still occur. Market Sentiment: General investor optimism or pessimism about the market, or specific sectors within the ETF, can indirectly affect its price. Positive sentiment generally boosts prices, negative sentiment suppresses them. Expense Ratio and Tracking Error: While not directly setting the price, higher expense ratios can reduce long-term returns compared to the benchmark. Tracking error, the difference between the ETF's performance and the index, also plays a minor role. Currency Exchange Rate: If the underlying assets are denominated in a foreign currency, fluctuations in the exchange rate between that currency and the domestic currency can impact the ETF's price.