Market Sentiment: Overall investor confidence and risk appetite influence demand for global equities. Positive sentiment pushes prices up, while fear leads to sell-offs.

Global Economic Conditions: Economic growth, inflation, and interest rate changes in major economies (like the US, Europe, and Japan) significantly impact VGS.AU holdings.

Currency Fluctuations: Changes in the AUD/USD exchange rate affect returns. A weaker AUD boosts returns when the foreign holdings are converted back to AUD.

Index Performance: VGS.AU tracks the MSCI World ex Australia index. The performance of this index is a direct driver of VGS.AU's price.

Supply and Demand: Basic economics. Increased demand relative to supply raises the price, and vice versa. This is influenced by investor flows into and out of the ETF.

Management Fees: While not a direct daily driver, the MER (Management Expense Ratio) slightly reduces the overall return over time, affecting the price over long periods.