Underlying Asset Performance: The primary driver is the performance of the assets held within the ETF, reflecting the tracked index or basket of securities.

Supply and Demand: Market dynamics of buying and selling pressure directly influence the ETF's price, creating premiums or discounts to its net asset value (NAV).

Index Composition Changes: Alterations to the tracked index, such as additions or deletions of underlying securities, can affect the ETF's value.

Expense Ratio: The ETF's management fees and operational costs impact its overall return and potentially its price relative to similar ETFs.

Market Sentiment: Broad investor sentiment towards the asset class or sector represented by the ETF can influence its price.

Currency Fluctuations: For ETFs holding assets in foreign currencies, exchange rate variations impact the ETF's value when converted back to the base currency.

Interest Rates: Changes in interest rates can affect the valuation of fixed-income assets held by the ETF, as well as overall market sentiment.

Economic Conditions: Macroeconomic factors like GDP growth, inflation, and unemployment can influence the performance of the underlying assets and, subsequently, the ETF's price.

Issuer Reputation: The reputation and financial stability of the ETF issuer can impact investor confidence and demand, affecting the ETF's price.

Liquidity: The ease with which the ETF can be bought and sold affects its price, with higher liquidity generally leading to tighter bid-ask spreads.