Inflation Expectations: SCHP tracks the Bloomberg US TIPS index, so its price moves inversely to changes in expected inflation. Higher inflation expectations generally increase demand, driving up the ETF's price.

Real Interest Rates: Real interest rates, nominal rates minus inflation expectations, heavily influence SCHP. Rising real rates typically decrease the ETF's price as TIPS become less attractive relative to other investments.

Treasury Yields: Overall movements in US Treasury yields, especially at similar maturities as the TIPS held by SCHP, affect the ETF's price. Rising Treasury yields can put downward pressure on SCHP's price.

Supply and Demand: General supply and demand dynamics within the ETF market also play a role. Increased demand for SCHP shares relative to supply will push the price higher, and vice-versa.

Market Sentiment: Broader market sentiment and risk appetite can impact SCHP. During times of economic uncertainty, investors may flock to safer assets like TIPS, increasing demand and the ETF's price.