Underlying Asset Performance: The primary driver is the performance of the underlying bonds in the EXSB.F ETF's portfolio. Bond prices move inversely to interest rates.

Interest Rate Changes: Rising interest rates typically decrease bond values and thus the ETF's price, as newly issued bonds offer higher yields. Falling rates have the opposite effect.

Credit Risk: Changes in the creditworthiness of the bond issuers impact bond values. Downgrades lead to lower prices, upgrades to higher.

Supply and Demand: Investor demand for EXSB.F shares affects its market price. Higher demand can push the price above its net asset value (NAV).

Liquidity: Lower liquidity can increase price volatility and widen the bid-ask spread, affecting the price at which it can be bought or sold.

ETF Management Fees: The expense ratio charged by the ETF reduces returns, indirectly influencing its attractiveness and thus its price.

Inflation Expectations: Higher inflation expectations often lead to higher interest rates, negatively impacting bond prices and the ETF's value.

Economic Growth: Strong economic growth can lead to higher interest rates, pressuring bond prices downwards. Weaker growth may have the opposite effect.