Underlying Holdings: The price of HBF-B.TO is directly influenced by the market value of its underlying holdings, which are primarily BMO ETFs covering various asset classes.

Supply and Demand: General market supply and demand dynamics for the ETF itself can cause price fluctuations, especially during periods of high trading volume.

Net Asset Value (NAV): The ETF's market price generally tracks its NAV, which represents the total value of the underlying assets minus liabilities, divided by the number of outstanding shares.

Index Tracking: HBF-B.TO aims to replicate the performance of its benchmark index, so its price will be affected by how well it mirrors the index's movements.

Management Fees and Expenses: The ETF's operating expenses, including management fees, can incrementally affect its overall returns and, consequently, its price.

Currency Fluctuations: As HBF-B.TO may hold ETFs with international exposure, changes in exchange rates can impact the value of those holdings and the overall ETF price.

Market Sentiment: Broad investor sentiment and macroeconomic conditions can influence trading activity and prices across the entire ETF market, including HBF-B.TO.

Interest Rates: Changes in interest rates can affect the value of fixed-income holdings within the underlying BMO ETFs and, in turn, the price of HBF-B.TO.

Economic Data: Economic releases, such as inflation reports and GDP figures, can impact market expectations and influence the performance of the underlying assets and the ETF price.

Geopolitical Events: Global events and political instability can introduce volatility into financial markets, affecting investor confidence and the price of HBF-B.TO.