Underlying Index Performance: The primary driver is the performance of the underlying index, which the ETF tracks. If the index constituents rise, the ETF price typically follows, and vice versa.

Supply and Demand: Market forces of supply and demand for the ETF units influence price. High demand can push prices up, while high supply can depress them.

Interest Rates: Changes in interest rates can affect the valuations of the companies within the index, consequently influencing the ETF price.

Economic Conditions: Macroeconomic factors like GDP growth, inflation, and unemployment impact the performance of companies in the index and thus, the ETF price.

Currency Fluctuations: If the underlying assets are denominated in a foreign currency, exchange rate fluctuations will impact the ETF's price when translated back to the local currency.

Investor Sentiment: Overall market sentiment and investor confidence levels influence buying and selling activity, impacting ETF prices.

Fund Flows: Large inflows into the ETF can increase demand and potentially the price, while outflows can decrease demand and potentially lower the price.