Dividend Yield: Higher yields often attract investors, potentially increasing demand and price, while lower yields may decrease it.

Interest Rates: Rising interest rates can make bonds more attractive, decreasing demand for dividend ETFs like PEY, potentially lowering its price.

Underlying Holdings Performance: The overall performance of the individual stocks held within PEY directly impacts its Net Asset Value (NAV) and market price. Strong performance leads to higher prices, weak performance to lower prices.

Market Sentiment: Broad market optimism or pessimism can influence investor demand for ETFs, including PEY. Positive sentiment can push prices up, negative sentiment down.

ETF Supply and Demand: Basic supply and demand principles apply. Increased demand relative to supply leads to higher prices, and vice-versa.

Expense Ratio: While not a direct driver of short-term price fluctuations, a high expense ratio can indirectly affect investor sentiment and long-term performance, potentially influencing demand.