Underlying Holdings: The price of HAB.TO is directly influenced by the value of its underlying holdings, primarily U.S. high-yield corporate bonds. Changes in these bond prices impact the ETF's Net Asset Value (NAV).

Credit Spreads: Widening credit spreads, indicating increased risk aversion towards high-yield debt, typically lead to lower bond prices and thus decrease HAB.TO's value. Conversely, narrowing spreads can increase its price.

Interest Rate Changes: Rising interest rates can negatively affect bond prices, especially those with longer maturities, potentially decreasing the ETF's value. Lower rates can have the opposite effect.

Market Sentiment: Overall market sentiment towards risk assets, including high-yield bonds, can significantly impact HAB.TO. Positive sentiment often leads to increased demand and higher prices.

Supply and Demand: Like any ETF, HAB.TO's price is affected by supply and demand dynamics in the market. High demand can drive the price above its NAV, while increased selling pressure can push it below.

Currency Fluctuations: As HAB.TO invests in U.S. dollar-denominated assets, fluctuations in the CAD/USD exchange rate can impact its price when viewed from a Canadian investor's perspective. A stronger Canadian dollar relative to the U.S. dollar would decrease the ETF's value in CAD terms, and vice versa.