Constituent Stock Prices: CDZ.TO tracks Canadian dividend aristocrats. Changes in the prices of these underlying stocks directly impact its NAV and market price.

Dividend Yields: Shifts in the dividend yields of CDZ.TO's holdings can influence its attractiveness and price. Higher yields tend to increase demand.

Interest Rates: Rising interest rates may make bonds more appealing, potentially reducing demand for dividend-focused ETFs like CDZ.TO and thus lowering its price.

Market Sentiment: Overall market optimism or pessimism towards Canadian equities and dividend stocks affects CDZ.TO's trading price.

Fund Flows: Large inflows into CDZ.TO can push its price up, while significant outflows may lead to price declines.

Management Fees: The ETF's expense ratio affects its overall return. Higher fees can make it less attractive compared to similar ETFs.

Canadian Economy: The health of the Canadian economy influences the profitability and stability of companies within CDZ.TO, impacting its value.

Currency Fluctuations: Changes in the Canadian dollar's value relative to other currencies can affect returns for international investors, influencing demand.

Sector Performance: The performance of sectors heavily represented in CDZ.TO's portfolio (e.g., financials, utilities) impacts its overall price.

Liquidity: Higher trading volume and tighter bid-ask spreads make CDZ.TO more attractive and can support its price. Lower liquidity may lead to price volatility.