Dividend Yield: Higher dividend yields generally attract investors, potentially increasing demand and the ETF's price. Lower yields might lead to selling pressure.

Underlying Stock Prices: VHY.AU tracks an index of high-yielding Australian shares. The collective performance of these stocks directly impacts the ETF's Net Asset Value (NAV) and market price.

Market Sentiment: Overall market optimism or pessimism towards Australian equities can influence investor demand for VHY.AU, regardless of the underlying holdings' individual performance.

Interest Rates: Rising interest rates may make fixed-income investments more attractive, potentially reducing demand for dividend-focused ETFs like VHY.AU.

Management Fees: While relatively small, higher management fees can slightly reduce the ETF's total return compared to similar ETFs with lower fees.

Supply and Demand: Basic economic principles apply. High demand, limited supply pushes the price upwards, while excess supply and low demand cause a price decrease.

Currency Fluctuations: For international investors, the Australian dollar's exchange rate against their local currency affects the ETF's return.

Economic Conditions: A strong Australian economy generally supports corporate profitability and dividend payouts, potentially boosting VHY.AU's performance.