Value Stock Performance: The underlying performance of the value-oriented Australian companies held in the ETF's portfolio is a primary driver. Strong earnings reports or positive industry outlooks for these stocks can increase the ETF's price.

Market Sentiment: General investor confidence in the Australian stock market and the appetite for value stocks specifically influence demand for VVLU.AU. Bullish sentiment can increase demand and drive up the price.

Interest Rates: Changes in Australian interest rates can impact the valuation of value stocks. Higher rates can make future earnings less attractive, potentially lowering the ETF's price, and vice-versa.

Inflation: Rising inflation can affect companies' input costs and consumer spending, impacting the earnings of the companies held in the ETF and therefore its price. How value stocks fare relative to inflation is key.

Currency Fluctuations: Movements in the Australian dollar relative to other currencies can indirectly affect VVLU.AU, particularly if the underlying companies have significant international operations or exports/imports.

ETF Demand & Supply: High demand for the ETF can push its price above its net asset value (NAV), while increased selling pressure can cause the price to trade below NAV. Arbitrage usually keeps this in check.

Sector Performance: The performance of specific sectors heavily represented in the VVLU.AU ETF, such as financials or materials, will significantly impact the ETF's overall price.

Economic Growth: The overall health and growth of the Australian economy can influence corporate earnings and investor sentiment, directly affecting the valuation of value stocks and thus the ETF price.