Underlying Asset Performance: The price of CWO.NEO directly reflects the performance of the underlying Canadian Wheat Board (CWB) wheat futures contracts it holds.

Supply and Demand: Like any ETF, market demand for CWO.NEO shares relative to the available supply influences its price, creating premiums or discounts to its net asset value (NAV).

Futures Market Sentiment: Overall sentiment in the wheat futures market, driven by weather patterns, global demand, and geopolitical events, heavily impacts futures prices and CWO.NEO's value.

Storage Costs: The expense of storing physical wheat, which is indirectly reflected in futures contracts, can affect the futures price and therefore CWO.NEO's value, although CWO.NEO does not store physical wheat.

Rolling Costs: CWO.NEO's strategy involves rolling futures contracts, and the cost or benefit of this process (contango or backwardation) affects its returns and price.

Currency Fluctuations: Since wheat is often traded internationally in USD, fluctuations in the CAD/USD exchange rate can influence the value of CWB wheat futures for Canadian investors.

Management Fees: The ETF's management expense ratio (MER) directly impacts the fund's returns, gradually decreasing its NAV and price over time.