Underlying Assets: The STW.PA ETF price is primarily driven by the performance of its underlying holdings, which track the S&P/ASX 200 index. Changes in the values of these Australian stocks directly impact the ETF's net asset value (NAV). Market Sentiment: Overall investor sentiment towards the Australian stock market influences STW.PA. Positive sentiment typically leads to increased demand and higher prices, while negative sentiment can cause selling pressure and lower prices. Supply and Demand: Like any security, the price of STW.PA is determined by the forces of supply and demand. High demand relative to supply will push the price up, and vice versa. Index Rebalancing: Periodic adjustments to the S&P/ASX 200 index, such as additions or deletions of stocks, can cause the ETF to rebalance its portfolio, potentially affecting its price. Currency Fluctuations: Changes in the value of the Australian dollar (AUD) relative to other currencies can impact the returns for international investors and, consequently, the demand for STW.PA. Expense Ratio: The ETF's expense ratio, which represents the annual cost of managing the fund, can slightly impact its overall return and competitiveness, potentially influencing its price over the long term.