Underlying Asset Performance: VESG.AU's price mirrors the performance of its underlying ESG-focused Australian shares. Positive performance in those stocks leads to VESG.AU price increases, and vice-versa.

Supply and Demand: High demand for VESG.AU units relative to supply pushes the price up. Conversely, increased selling pressure lowers the price.

Market Sentiment: Overall investor confidence or pessimism in the Australian stock market and ESG investing influences VESG.AU's price. Positive sentiment drives prices higher, while negative sentiment leads to price declines.

Expense Ratio: Although not a direct price driver, a higher expense ratio can indirectly impact returns, making it less attractive compared to similar, lower-cost ETFs, potentially affecting demand and price.

Tracking Error: The degree to which VESG.AU accurately tracks its benchmark index. Significant deviation can impact investor confidence and potentially affect the ETF's price relative to its perceived value.