Underlying Asset Performance: The price of AQWA.LSE is heavily influenced by the performance of the underlying assets it holds, specifically companies involved in water-related activities.

Supply and Demand: Like any exchange-traded fund, AQWA.LSE's price is determined by the balance between buyers and sellers in the market. Higher demand drives prices up, while increased selling pressure pushes them down.

Investor Sentiment: Overall market sentiment towards water as an investment theme can significantly impact AQWA.LSE's price. Positive news or projections regarding water scarcity or infrastructure projects can boost investor confidence and increase demand.

Currency Fluctuations: AQWA.LSE's price can be affected by currency fluctuations, especially if the underlying assets are denominated in currencies other than the fund's base currency (likely GBP).

Expense Ratio and Trading Costs: While not directly impacting the intraday price, the expense ratio and associated trading costs (brokerage fees, bid-ask spreads) can affect the overall return and attractiveness of AQWA.LSE.

Changes in Index Composition: If AQWA.LSE tracks an index, changes to that index's composition (e.g., companies being added or removed) can lead to adjustments in the fund's holdings and subsequently affect its price.