Underlying Index Performance: The price of the ETF is directly tied to the performance of the index it tracks. If the index rises, the ETF price should generally rise, and vice versa.

Supply and Demand: High demand for the ETF can drive its price up, while increased selling pressure can push it down, regardless of the underlying index performance.

Expense Ratio: Although the expense ratio doesn't directly affect daily price fluctuations, a higher expense ratio can erode returns over time compared to similar ETFs with lower fees.

Trading Volume and Liquidity: Higher trading volume usually leads to tighter bid-ask spreads, making it easier to buy and sell the ETF at a fair price, and can affect price stability.

Market Sentiment: Overall investor confidence or fear in the market can influence buying and selling decisions in the ETF, causing price fluctuations.

Currency Exchange Rates: If the ETF invests in international assets, fluctuations in exchange rates can impact the ETF's value when converted back to the local currency.

News and Events: Major economic announcements, political events, and company-specific news can impact the underlying assets of the index, which in turn can affect the ETF's price.