Underlying Assets: The primary driver is the performance of the natural gas futures contracts held by the ETF. Rising gas prices typically increase the ETF's value.

Supply and Demand: Market demand for 3NGS units relative to their supply influences the trading price. Higher demand can push the price above the net asset value (NAV).

Roll Yield: Futures contracts expire. "Rolling" to later-dated contracts can result in a cost or benefit, impacting returns, depending on the futures curve (contango or backwardation).

Management Fees: The ETF's expense ratio detracts from returns, thus affectting price.

Market Sentiment: Overall investor optimism or pessimism regarding the natural gas market influences buying and selling pressure.

Regulatory Changes: New rules or regulations affecting natural gas production, transportation, or trading can significantly impact prices.

Economic Factors: Macroeconomic indicators like inflation, economic growth, and interest rates can influence energy demand and thus 3NGS.

Geopolitical Events: Events such as political instability in gas-producing regions or international conflicts can disrupt supply and impact prices.

Weather Patterns: Weather conditions, especially during winter heating seasons or summer cooling periods, affect natural gas demand and consequently ETF pricing.