Underlying Assets' Performance: GOAT.AU's price is heavily influenced by the performance of the underlying global equities it tracks. Upward or downward movements in those stocks directly affect the ETF's value. Supply and Demand: General market sentiment and investor appetite for global equities affect GOAT.AU's demand. Higher demand typically pushes the price up, while lower demand can decrease it. Currency Fluctuations: Since GOAT.AU invests in global equities, currency exchange rates between the Australian dollar and the currencies of the underlying assets impact the ETF's value. Management Fees and Expenses: The ongoing costs associated with managing the ETF, including management fees and other operational expenses, are reflected in the ETF's price and can subtly affect returns. Index Tracking Accuracy: The degree to which GOAT.AU accurately mirrors the performance of its benchmark index affects its price relative to the theoretical value derived from the underlying assets.