Underlying Asset Performance: QOZ.AU's price is largely driven by the performance of the Australian resources sector, especially companies involved in gold, other precious metals, and mining. If these companies perform well, the ETF price tends to increase.

Commodity Prices: Fluctuations in commodity prices like gold, silver, iron ore, and other resources directly impact the profitability of the underlying companies in the QOZ.AU ETF and thereby affect its price.

Exchange Rate Movements: Since resource companies often export, the AUD/USD exchange rate plays a role. A weaker AUD can boost revenue for these companies, potentially increasing the ETF's value, and vice versa.

Market Sentiment: Overall investor sentiment towards resources and Australian equities can impact demand for QOZ.AU, influencing its price. Positive sentiment drives demand up and vice versa.

Interest Rate Changes: Interest rate changes in Australia and globally can affect the valuation of resource companies and investor appetite for risk assets like resources ETFs, consequently affecting QOZ.AU's price.

Economic Data: Australian and global economic data releases, such as GDP growth, inflation figures, and employment numbers, can influence investor confidence in the resources sector and thus impact QOZ.AU's price.

Geopolitical Events: Global events like political instability, trade wars, or major international agreements can affect commodity demand and supply, which will then indirectly affect QOZ.AU price.

Company-Specific News: Significant news impacting the key companies within QOZ.AU's portfolio (e.g., earnings reports, production updates, mergers) can influence the ETF's price.

ETF Supply and Demand: Basic supply and demand for the ETF units themselves can create minor price deviations from the Net Asset Value NAV. High demand will push up the price.

Fund Management Decisions: Changes in the ETF's investment strategy or portfolio composition implemented by the fund manager can impact its performance and price, but this is less common.