Index Performance: The ETF mirrors the NIFTY 500 index, so its price is heavily influenced by the collective performance of the 500 companies within the index.

Supply and Demand: General market interest in the ETF itself drives its price. Higher demand tends to increase the price, while increased selling pressure can lower it.

Expense Ratio: The fund's management fees impact returns. Higher expense ratios can slightly detract from overall performance and potentially affect price compared to similar ETFs.

Tracking Error: This measures how closely the ETF's performance matches the NIFTY 500. Significant tracking error can lead to price discrepancies.

Market Sentiment: Broad investor optimism or pessimism towards the Indian stock market, and the economy more generally, can affect demand for NIFTY 500 ETFs.

Global Events: Global economic events, geopolitical situations, and international market trends can also influence investor sentiment and indirectly impact the ETF's price.