Exchange Rate: IVQ.TO holds primarily US equities. A stronger Canadian dollar versus the US dollar reduces the value of the fund's US holdings when converted back to Canadian dollars, decreasing the NAV and price. A weaker Canadian dollar has the opposite effect.

US Market Performance: As the fund mirrors the S&P 500, movements in the US stock market directly impact IVQ.TO's value. Positive performance in the S&P 500 typically leads to an increase in IVQ.TO's price, and vice versa.

Management Expense Ratio (MER): The MER is deducted from the fund's assets. While it doesn't directly affect the market price, a higher MER can indirectly impact investor demand and slightly reduce the overall return compared to similar, lower-cost S&P 500 tracking funds.

Supply and Demand: General market sentiment and investor appetite for S&P 500 exposure influence the demand for IVQ.TO shares. Higher demand relative to supply pushes the price up, while increased selling pressure can lower it.

Economic Data: Macroeconomic indicators in the US, such as GDP growth, inflation, unemployment, and interest rates, affect the S&P 500 and subsequently IVQ.TO. Strong economic data usually supports higher stock prices.

Dividend Yield: While primarily a growth-oriented fund, dividend payouts from S&P 500 companies contribute to IVQ.TO's total return. Changes in dividend yields can subtly influence investor interest.

Tracking Error: IVQ.TO aims to replicate the S&P 500's performance. However, slight deviations, known as tracking error, can occur due to fund expenses, cash drag, or sampling techniques. Larger tracking error might make the fund less attractive.

Index Rebalancing: Periodic rebalancing of the S&P 500 index can temporarily affect the prices of stocks held by IVQ.TO as the fund adjusts its holdings to match the new index composition.

Global Events: Geopolitical events, global economic shifts, and major news events can influence investor sentiment and trading activity, impacting both the US stock market and, by extension, IVQ.TO.