Constituent Stock Prices: HRL-F12.TA's price directly reflects the weighted average price of its underlying holdings, primarily Israeli stocks. Any increase or decrease in these companies' stock prices will significantly affect the ETF's value. Market Sentiment: Overall investor confidence and risk appetite in the Israeli stock market and the broader global economy influence demand for HRL-F12.TA. Positive sentiment tends to drive prices higher, while negative sentiment can lead to sell-offs. Index Tracking Efficiency: HRL-F12.TA aims to replicate the performance of its benchmark index. Tracking error, or the difference between the ETF's return and the index's return, can impact the ETF's price. Lower tracking error is generally preferred. Supply and Demand: Like any traded security, the price of HRL-F12.TA is subject to the forces of supply and demand. High demand can push prices up, while increased supply can lower them. Currency Exchange Rates: Fluctuations in the exchange rate between the Israeli Shekel and other currencies, especially the US dollar, can affect the ETF's price for international investors. A stronger Shekel increases the ETF's value for dollar-based investors.