Underlying Bond Prices: IYLD.AU's price is heavily influenced by the aggregate prices of the high-yield corporate bonds it holds. Falling bond prices decrease the ETF's NAV.

Interest Rate Changes: Rising interest rates generally decrease bond values, leading to a decline in IYLD.AU's price, as older, lower-yielding bonds become less attractive.

Credit Spreads: Widening credit spreads (the difference between high-yield and risk-free rates) signal increased default risk, lowering high-yield bond values and IYLD.AU's price.

Issuer Creditworthiness: Downgrades or concerns about the financial health of companies whose bonds are held in the ETF can negatively affect IYLD.AU.

Market Sentiment: Overall investor confidence and risk appetite play a role. Positive sentiment can boost demand for high-yield bonds, increasing IYLD.AU's price.

Supply and Demand: Basic supply and demand for IYLD.AU shares on the ASX also affects its market price, potentially deviating slightly from its NAV.