Underlying Asset Performance: The primary driver is the performance of the underlying Nifty Financial Services Ex-Bank Index. Upward or downward movements in the index directly impact the ETF's NAV.

Supply and Demand: Market demand for the ETF units influences its price. Higher demand relative to supply can push the price above its NAV (premium), while increased supply can cause a discount.

Expense Ratio: The ETF's expense ratio, which covers management fees and other operating costs, reduces the returns and can subtly impact the long-term price.

Tracking Error: Deviations between the ETF's returns and the benchmark index (tracking error) can affect investor confidence and indirectly influence the ETF's price.

Market Sentiment: Overall investor sentiment toward the financial services sector impacts the ETF. Positive sentiment often leads to increased buying, driving up the price.

Dividend Payouts: Dividends paid by the companies in the index are distributed to ETF holders, influencing the total return and potentially the demand, thus the price.

Liquidity: The liquidity of the ETF, reflected in its trading volume and bid-ask spread, impacts its price discovery. Illiquidity can cause price volatility.

Global Factors: Global economic conditions, geopolitical events, and international financial market trends can influence investor sentiment and capital flows, indirectly affecting the ETF's price.

Regulatory Changes: Changes in regulations governing the financial services sector or ETFs themselves can influence investor behavior and subsequently, the ETF's price.