Market Sentiment: Overall investor confidence and risk appetite influence demand for IWR, impacting its price.

Economic Conditions: Economic growth, inflation, and interest rates can affect the performance of the underlying mid-cap stocks, influencing IWR's value.

Index Performance: IWR's price closely tracks the Russell Midcap Index. The index's movements directly impact the ETF's value.

Sector Trends: The performance of sectors heavily represented in the Russell Midcap Index affects IWR's price.

Company Performance: Individual mid-cap company earnings and news within the Russell Midcap Index can shift the ETF's value.

Supply and Demand: Imbalances between buyers and sellers of IWR shares can cause price fluctuations.

Expense Ratio: While the expense ratio doesn't directly affect the daily price, it impacts the long-term returns, making it less appealing if high.

Dividend Yield: The ETF's dividend yield can affect investor demand, influencing its price.

Currency Fluctuations: As the ETF is traded in USD, currency effects won't have any effect.