Underlying Asset Performance: The primary driver is the performance of the telecommunications companies held within the ETF. Positive results from these companies typically increase the ETF's value.

Interest Rate Changes: Telecoms are often sensitive to interest rates as they tend to have significant debt. Rising rates can negatively impact profitability and thus the ETF's price.

Regulatory Changes: Changes in regulations affecting the telecommunications industry (spectrum auctions, net neutrality etc.) can significantly shift investor sentiment and the ETF price.

Technological Advancements: The pace of technological change (5G rollout, fiber optic expansion) greatly influences the competitiveness of telecoms, subsequently affecting the ETF.

Economic Conditions: Overall economic health impacts consumer spending on telecom services. A strong economy generally supports higher earnings for telecoms and a higher ETF price.

Investor Sentiment: General market optimism or pessimism toward telecommunications as a sector greatly impacts trading volume and the ETF's price fluctuations.

Dividend Yield: As a dividend-paying ETF, the yield offered relative to other investments influences investor demand and price.

Currency Fluctuations: Since TELE.PA is a European ETF, currency fluctuations between the Euro and other major currencies can affect returns for international investors and impact demand.

Management Fees and Expenses: The ETF's expense ratio can slightly influence its overall attractiveness and competitiveness, affecting its price relative to similar ETFs.