Dividend Yield of Underlying Stocks: SPDV's price is significantly impacted by the dividend yield of the companies it holds. Higher yields generally make the ETF more attractive to investors, increasing demand and potentially driving up its price.

Interest Rate Environment: Rising interest rates can make bonds and other fixed-income investments more appealing, potentially reducing the demand for dividend-focused ETFs like SPDV, thus affecting its price.

Market Sentiment Towards Dividend Stocks: Overall investor sentiment towards dividend-paying stocks plays a role. Positive sentiment can increase demand for SPDV, while negative sentiment could decrease it.

ETF Demand and Supply: General supply and demand dynamics in the ETF market impact SPDV's price. Higher demand relative to supply pushes prices up, and vice versa. Creation/redemption activity by authorized participants (APs) helps keep the ETF price aligned with its net asset value (NAV).

Sector Performance: SPDV's performance and price are also influenced by the performance of sectors that its underlying companies belong to. If sectors with high dividend yields perform poorly, this can negatively impact SPDV's price.

Economic Conditions: Broad economic factors such as inflation, recession risks, and economic growth prospects can all affect the overall stock market and, by extension, SPDV's price. Slower economic growth can lead to decreased business profitability, decreasing the dividend yield and therefore the SPDV's price.