Underlying Asset Performance: IAF.AU tracks the performance of Australian fixed income securities. So, movements in bond yields, credit spreads, and overall bond market sentiment directly influence its price.

Interest Rate Changes: Rising interest rates typically lead to lower bond prices, decreasing the ETF's value. Conversely, falling rates usually boost bond prices and the ETF's value.

Credit Risk: Changes in the perceived creditworthiness of the issuers of the underlying bonds impact prices. Downgrades can lower the ETF's value; upgrades can increase it.

Supply and Demand: Like any ETF, supply and demand in the market influence IAF.AU's price. High demand can drive up the price, while increased selling pressure can lower it.

Inflation Expectations: Rising inflation expectations often lead to higher bond yields and lower bond prices, negatively affecting the ETF. Lower inflation expectations can have the opposite effect.

Market Sentiment: Overall investor sentiment toward the Australian economy and fixed income markets can impact demand for IAF.AU, affecting its price.