Underlying Holdings Performance: FDG.US tracks an index of Canadian dividend growth companies. Its price is primarily driven by the performance of these underlying stocks.

Dividend Yields: Changes in the dividend yields of the constituent companies impact FDG.US's attractiveness and price. Higher yields can attract investors, increasing demand.

Interest Rate Environment: Rising interest rates can make fixed income investments more appealing, potentially decreasing demand for dividend-focused ETFs like FDG.US.

Canadian Economic Conditions: The overall health of the Canadian economy affects the profitability and growth prospects of the companies held by FDG.US, thus influencing its price.

Currency Fluctuations: As FDG.US holds Canadian stocks, changes in the USD/CAD exchange rate can affect its USD-denominated price.

Investor Sentiment: General market sentiment and investor risk appetite play a role. During risk-off periods, investors may sell dividend-paying stocks.

ETF Supply and Demand: The forces of supply and demand for FDG.US shares themselves also influence its price, impacting premium or discount to NAV.