Underlying Holdings: BN-PFD.TO's price is driven by the collective value of its constituent preferred shares issued by Bank of Nova Scotia.

Interest Rate Environment: Rising interest rates often negatively impact preferred shares, making fixed income alternatives more attractive.

Creditworthiness of BNS: Bank of Nova Scotia's financial health directly influences the perceived risk and value of its outstanding preferred shares.

Market Sentiment: Overall investor optimism or pessimism towards the financial sector and preferred shares can affect demand and price.

Liquidity: Trading volume and ease of buying/selling BN-PFD.TO can impact price, with higher liquidity generally leading to tighter bid-ask spreads.

Call Risk: The possibility that Bank of Nova Scotia may redeem its preferred shares at a specified price can limit upside potential.

Dividend Yield: The current dividend yield of BN-PFD.TO relative to other fixed-income investments impacts its attractiveness to income-seeking investors.