Underlying Holdings' Performance: FHM.TO's price heavily depends on the collective performance of the high-yield bonds and other debt instruments it holds. If these holdings perform well, the ETF's price will likely increase.

Interest Rate Changes: As a bond ETF, FHM.TO is sensitive to interest rate fluctuations. Rising interest rates typically cause bond prices to fall, negatively affecting the ETF's price.

Credit Spreads: Widening credit spreads (the difference between high-yield bond yields and risk-free rates) indicate increased risk aversion, which can lower the value of high-yield bonds and thus FHM.TO's price.

Market Sentiment: Overall investor sentiment towards high-yield bonds and riskier assets influences demand for FHM.TO. Positive sentiment can drive up the price, while negative sentiment can depress it.

Liquidity and Trading Volume: Low liquidity and trading volume can lead to wider bid-ask spreads and potentially greater price volatility for FHM.TO.

ETF Supply and Demand: Basic supply and demand forces also play a role. High demand can push the price above its net asset value (NAV), while increased selling pressure can cause it to trade at a discount.

Fund Management Fees: Although indirectly, FHM.TO's expense ratio affects its overall return. Higher fees can slightly reduce the net return compared to similar ETFs with lower fees.