Underlying Asset Performance: ELFD.F's price is directly tied to the performance of the companies it holds, specifically those paying dividends. Declines in these companies' stock values will lower the ETF's value.

Interest Rates: Rising interest rates can make bonds more attractive, potentially causing investors to sell dividend stocks/ETFs like ELFD.F, decreasing its price. Conversely, falling rates may increase demand.

Dividend Yields: Changes in dividend yields of the underlying stocks affect the ETF's attractiveness. Higher yields attract investors, potentially increasing the price. Lower yields may lead to sales and price decreases.

Market Sentiment: Overall investor optimism or pessimism about the stock market, particularly regarding dividend stocks, influences demand for ELFD.F. Positive sentiment can drive up the price, while negative sentiment can lower it.

Expense Ratio and Management Fees: ELFD.F's expense ratio and management fees directly impact its returns. Higher fees reduce net returns, potentially making it less attractive compared to similar ETFs with lower fees.

Supply and Demand: The fundamental economic principle of supply and demand affects ELFD.F's price. Higher demand with limited supply increases the price, and vice versa.

Currency Fluctuations: As an ETF traded in a specific currency, exchange rate fluctuations can impact returns for international investors. A stronger currency relative to their home currency can boost returns, while a weaker one can reduce them.