Nasdaq 100 Performance: HXQ-U.TO tracks the Nasdaq 100 index, so its price closely mirrors the performance of the constituent companies. A rise in the Nasdaq 100 generally lifts HXQ-U.TO's price.

Currency Fluctuations: As HXQ-U.TO is CAD-denominated but invests in US equities, the CAD/USD exchange rate impacts its price. A weaker CAD relative to the USD increases the ETF's price.

Supply and Demand: Market demand for HXQ-U.TO influences its price. High demand can push the price above its net asset value (NAV), while selling pressure can depress it.

Interest Rates: Changes in interest rates, particularly in the US, can affect stock valuations, including those in the Nasdaq 100, and consequently, HXQ-U.TO's price.

Economic Conditions: Overall economic health, inflation, and recessionary fears influence investor sentiment and the performance of Nasdaq 100 companies, affecting HXQ-U.TO's price.

Technology Sector Performance: Given the Nasdaq 100's concentration in technology, the performance of the tech sector heavily influences HXQ-U.TO's value. Strong tech performance often translates to higher ETF prices.

ETF Management Fees: While not a direct daily driver, management fees charged by the ETF issuer indirectly affect returns and can slightly impact the overall price over time compared to a theoretical zero-fee fund.

Geopolitical Events: Major global events, political instability, or international trade disputes can create market uncertainty and affect investor confidence, influencing the price of HXQ-U.TO.