Underlying Holdings: ACZ.TO's price is primarily driven by the collective performance of the Canadian companies it holds, mirroring their stock price movements.

Supply and Demand: Market demand for ACZ.TO shares influences its price. Higher demand tends to push the price up, while increased selling pressure can cause it to fall.

Economic Conditions: The Canadian economy's overall health, including GDP growth, inflation, and interest rates, affects the profitability and valuation of companies within the ETF, impacting its price.

Sector Performance: The performance of key sectors represented in ACZ.TO, such as financials or energy, significantly affects the ETF's overall value.

Investor Sentiment: Broad market sentiment and investor confidence in Canadian equities influence the demand and trading activity of ACZ.TO, thus affecting its price.

Currency Fluctuations: Changes in the value of the Canadian dollar relative to other currencies can impact the returns of Canadian companies, and therefore the price of ACZ.TO.

Interest Rates: Changes in interest rates by the Bank of Canada can influence corporate borrowing costs and investment decisions, affecting the profitability of Canadian companies and ACZ.TO's price.