Fund Performance: Strong fund performance, such as high returns compared to benchmarks, typically increases investor demand, driving the unit price up.

Market Sentiment: Overall market optimism or pessimism impacts AX-UN.TO. Positive market sentiment generally leads to higher prices, while negative sentiment can depress them.

Interest Rates: Changes in interest rates can affect the attractiveness of AX-UN.TO compared to other investments. Rising rates may decrease its appeal and vice versa.

Economic Conditions: Strong economic growth often supports higher asset values, positively influencing AX-UN.TO. Conversely, economic downturns can negatively affect the price.

Distribution Yield: The distribution yield offered by AX-UN.TO is a key driver. Higher yields typically attract more investors, increasing demand and price.

Management Fees: Higher management fees can reduce returns, potentially making AX-UN.TO less attractive and impacting its price negatively.

Real Estate Market: As a real estate investment trust (REIT), AX-UN.TO's value is closely tied to the performance of the underlying real estate market. Strong real estate fundamentals support the price.

Inflation: Inflationary pressures can affect both interest rates and real estate values, indirectly influencing AX-UN.TO's price.

Company News: Significant news about AX-UN.TO, such as acquisitions, dispositions, or financial results, can cause price fluctuations.

Investor Confidence: General investor confidence in AX-UN.TO and its management team influences demand and price.

Regulatory Changes: Changes in regulations affecting REITs or the real estate market can impact AX-UN.TO's operations and, consequently, its price.