Underlying Asset Performance: The primary driver is the performance of the assets held by the ETF. If these assets increase in value, the ETF's price generally rises, and vice versa.

Supply and Demand: Basic market forces of supply and demand influence the ETF's price. High demand can push the price above its net asset value (NAV), while increased selling pressure can drive it below.

Market Sentiment: Overall investor sentiment towards the specific sector, region, or asset class represented by the ETF can impact its price. Positive sentiment leads to increased investment, raising the price.

Index Tracking: The ETF's ability to accurately track its underlying index affects its price. Deviations from the index's performance can create price discrepancies.

Expense Ratio: While not a direct daily influence, a higher expense ratio can indirectly impact the ETF's long-term performance and attractiveness to investors, potentially affecting demand and price.

Interest Rates: Changes in interest rates can influence the attractiveness of different asset classes, indirectly affecting demand for the ETF and its price.