Underlying Index Performance: The primary driver is the performance of the SET50 index, which TDEX.BK aims to track twofold. Higher SET50 means higher TDEX.BK, and vice versa.

Leverage Factor: TDEX.BK is a leveraged ETF, aiming for twice the daily performance of the SET50. This magnifies gains and losses compared to a non-leveraged ETF.

Management Fees and Expenses: The ETF's operating expenses, including management fees, impact its net asset value and ultimately its trading price.

Supply and Demand: Market demand for TDEX.BK shares influences its price. Higher demand tends to push the price up, while increased selling pressure can lower it.

Market Sentiment: Overall investor confidence and risk appetite in the Thai stock market affect demand for leveraged products like TDEX.BK.

Trading Volume and Liquidity: Higher trading volume and liquidity generally lead to tighter bid-ask spreads, making it easier to trade and potentially impacting price stability.

Tracking Error: Imperfect tracking of the underlying SET50 index's performance can create deviations between the ETF's price and its intended return.

Interest Rates: Changes in interest rates can impact the cost of funding the leveraged positions held by the ETF, affecting its overall profitability and price.