Issuer's Performance: Horizons ETFs Management's actions influence investor confidence and therefore price.

Index Performance: FHC.TO tracks the Horizons High Coverage US Dividend ETF Index; its performance directly impacts the ETF's price.

US Dividend Stocks: The prices of the underlying US dividend stocks held within the ETF portfolio are a major determinant.

Currency Fluctuations: As FHC.TO holds US assets, changes in the CAD/USD exchange rate affect its CAD price.

Interest Rates: Changes in interest rates, especially in the US, can impact the attractiveness of dividend stocks.

Market Sentiment: Overall investor sentiment towards equities and dividend strategies influences demand and price.

Dividend Yields: The dividend yields of the underlying US stocks and the ETF itself impact investor demand.

Economic Conditions: US economic growth or recessionary fears affect corporate profits and dividend payouts, influencing FHC.TO.

ETF Supply/Demand: Creation or redemption of ETF units affects supply and demand, impacting market price relative to NAV.