Underlying Asset Performance: The primary driver is the performance of the underlying securities held by the ETF. If the assets rise, the ETF price should also increase.

Supply and Demand: Market forces of supply and demand for the ETF units themselves directly impact its price. Higher demand typically leads to a higher price.

Index Tracking: The ETF's ability to accurately track its benchmark index affects its price. Tracking errors can lead to deviations from the index's performance.

Market Sentiment: Overall market sentiment, whether positive or negative, can influence investor appetite for the ETF and thus impact its price.

Expense Ratio: The ETF's expense ratio, although small, can subtly affect its price over the long term by reducing returns.

Trading Volume and Liquidity: Higher trading volume and liquidity generally contribute to price stability and tighter bid-ask spreads. Low liquidity can result in price volatility.

Currency Fluctuations: If the ETF holds assets denominated in other currencies, exchange rate movements can affect its price when translated back to the ETF's base currency.