**Underlying Bond Performance**: The primary driver is the price fluctuations of the underlying Canadian government bonds held within the ETF. Bond prices move inversely to interest rate changes and are also affected by credit risk perceptions.

**Interest Rate Changes**: Rising interest rates typically cause bond prices to fall, thus decreasing the ETF's value. Conversely, falling rates generally lead to price increases.

**Inflation Expectations**: Higher inflation expectations often lead to higher interest rates, putting downward pressure on bond prices and the ETF's net asset value.

**Credit Risk Assessment**: Although holding Canadian government bonds minimizes credit risk, changes in the perceived creditworthiness of the Canadian government could slightly affect bond prices and the ETF.

**Supply and Demand**: Market forces of supply and demand for the CESG-B.NEO ETF shares themselves can cause temporary deviations from its net asset value. High demand may push the price slightly above its intrinsic value, while excess supply could cause it to trade at a small discount.

**ETF Management Fees**: While not a direct price determinant, the ETF's management expense ratio (MER) gradually reduces the overall return, affecting its long-term value relative to holding the underlying bonds directly.

**Maturity Profile**: The average time to maturity of the bonds held in the ETF affects its sensitivity to interest rate changes. ETFs with longer maturities are generally more volatile.

**Economic Conditions**: Overall economic health, including GDP growth, employment rates, and consumer spending, can influence interest rate expectations and, subsequently, bond prices.

**Geopolitical Events**: Major global events and political instability can create uncertainty, impacting investor sentiment and causing fluctuations in bond markets.

**Currency Fluctuations**: Since the ETF holds Canadian bonds, currency fluctuations usually would not directly affect the price, unless there is a fund that invests in bonds in a different currency.