Underlying Index Performance: The price of HZD.TO is primarily affected by the performance of its underlying index, the Horizons High Dividend Stocks Index. Positive index performance generally increases the ETF's price, while negative performance decreases it. Supply and Demand: Market demand for HZD.TO also impacts its price. High demand can drive the price above its net asset value (NAV), while low demand can cause it to trade at a discount. Interest Rates: Rising interest rates can negatively impact the prices of dividend-paying stocks, potentially decreasing HZD.TO's price, as investors may shift towards bonds offering higher yields. Dividend Yields of Constituent Stocks: Changes in the dividend yields of the stocks held within the underlying index influence HZD.TO's price. Higher dividend yields generally make the ETF more attractive, potentially increasing its price. Currency Fluctuations: Currency fluctuations, given the international exposure, can also effect the price.