Supply and Demand: Increased buying pressure pushes the price up, while increased selling pressure lowers it.

Underlying Holdings' Performance: FSL.TO's price mirrors the performance of the Canadian stocks it holds; positive stock returns increase the ETF's value, and vice versa.

Market Sentiment: Overall investor optimism or pessimism toward the Canadian stock market influences FSL.TO's price.

Economic Conditions: Factors like interest rates, inflation, and GDP growth impact the attractiveness of Canadian equities, affecting FSL.TO's valuation.

Currency Fluctuations: Changes in the Canadian dollar's value relative to other currencies influence the ETF's price, especially if its holdings are impacted by international trade.

Sector Performance: Performance of sectors heavily represented in FSL.TO, such as financials or energy, significantly impacts its overall value.

Dividend Yield: Higher dividend yields from underlying holdings can make FSL.TO more attractive, potentially increasing demand and price.

Expense Ratio: While the expense ratio directly impacts returns, a significantly high ratio compared to peers can deter investors, indirectly affecting demand and price.