DEW.US tracks a specific index, so its price is influenced by several factors: Underlying Index Performance: The primary driver is the performance of the index DEW.US aims to replicate. Positive index returns generally lead to price increases in the ETF, and vice versa. Supply and Demand: Market forces of supply and demand for DEW.US shares play a role. High demand can push the price above its net asset value (NAV), while increased selling pressure can lower it. Net Asset Value (NAV): The NAV, representing the per-share value of the ETF's holdings, acts as an anchor. Deviations from NAV usually present arbitrage opportunities, which traders exploit, keeping the price aligned. Currency Fluctuations: Since DEW.US might hold international assets, changes in exchange rates can impact its value when converted back to the base currency. Expense Ratio and Tracking Error: The ETF's expense ratio detracts slightly from returns. Tracking error, the difference between the ETF's performance and the index's, also affects its price relative to the benchmark.