Underlying Index Performance: HQD-U.TO's price is primarily driven by the performance of the Solactive US Daily Target 2x Bear Index. Positive index returns will negatively affect HQD-U.TO, while negative index returns will positively affect it.

Leverage Factor: As a 2x bear ETF, HQD-U.TO aims to deliver twice the inverse daily performance of its underlying index, magnifying both gains and losses.

Trading Costs and Expenses: Management fees, operating expenses, and brokerage commissions can erode returns and impact the ETF's price.

Supply and Demand: Market forces of supply and demand can cause temporary deviations from the ETF's theoretical net asset value.

Interest Rates: Changes in interest rates can impact the cost of leverage and affect the fund's overall performance and price.

Volatility: High market volatility can lead to increased trading activity and wider bid-ask spreads, influencing the ETF's price.

Index Rebalancing: The index provider's rebalancing activities can indirectly affect the underlying securities and subsequently the ETF's price.

Currency Fluctuations: If the underlying assets are priced in a different currency, exchange rate movements can impact the ETF's price in Canadian dollars.

Time Decay: Due to the daily reset of the leverage, the ETF can experience decay over longer holding periods, especially in volatile markets.