Underlying Asset Performance: The primary driver is the performance of the companies within the KOSPI 200 index, which 306950.KO tracks. Strong performance increases ETF value, and vice versa.

Market Sentiment: Overall investor confidence and outlook on the South Korean stock market heavily influence demand for the ETF. Positive sentiment drives buying pressure, raising the price.

Supply and Demand: Basic economics apply. High demand relative to supply will increase the ETF's price, while increased supply and decreased demand will lower it.

Economic Conditions: Macroeconomic factors like interest rates, inflation, and GDP growth in South Korea impact the performance of the KOSPI 200 companies and thus, the ETF.

Currency Exchange Rates: Fluctuations in the KRW/USD exchange rate can affect the value of the ETF for international investors.

Sector Performance: The performance of specific sectors within the KOSPI 200, such as technology or finance, can influence the ETF's price if those sectors are heavily weighted.

Geopolitical Events: Events like political instability, trade wars, or international relations affecting South Korea's economy can impact investor confidence and the ETF's value.