Spot Price of Magnesium: The primary driver, as ETPMAG.AU tracks physical magnesium. A rise or fall in the global spot price of magnesium directly impacts the ETF's value.

Supply and Demand for Magnesium: Fundamental economic principles dictate that higher demand and limited supply push prices up, and vice versa. This affects magnesium spot prices.

Geopolitical Events: Events that disrupt magnesium mining, production, or transportation in key regions (like China) can significantly impact supply and thus, the ETF's price.

Currency Fluctuations: The ETF's value, denominated in AUD, is affected by changes in the AUD/USD exchange rate, as magnesium is often traded in USD.

Management Fees and Expenses: The ETF's internal costs, like management fees, are deducted from the fund's assets, indirectly influencing its performance and price.

Investor Sentiment: Overall market sentiment towards commodities and industrial metals can influence demand for ETPMAG.AU, impacting its price independently of magnesium fundamentals.