Underlying Index Performance: HZU.TO tracks the Horizons US Productive Capacity Index ETF. The price of HZU.TO is primarily determined by the performance of this index, which represents US companies with high capital expenditure relative to sales.

Supply and Demand: Like all ETFs, the price of HZU.TO is also influenced by supply and demand in the market. Higher demand will tend to increase the price, while increased supply will tend to decrease it.

Currency Fluctuations: As HZU.TO invests in US equities, currency fluctuations between the Canadian dollar and the US dollar can affect the ETF's price when viewed in Canadian dollar terms.

Market Sentiment: Broad market sentiment towards US equities, particularly those focused on capital expenditure, can impact HZU.TO's price. Positive sentiment may drive up prices and vice versa.

Economic Conditions: Overall economic conditions, both in the US and globally, can impact the profitability and growth prospects of the companies held within the underlying index, thereby affecting HZU.TO's price.

Expense Ratio: While the expense ratio doesn't directly cause fluctuations, a higher expense ratio compared to similar ETFs might make it less attractive, potentially impacting demand and indirectly affecting its price over time.