Underlying Bond Prices: MREL.TO's price is largely dictated by the market value of the underlying debt instruments it holds. Decreases in bond values directly reduce the ETF's NAV.

Interest Rate Changes: Rising interest rates generally decrease bond prices, reducing MREL.TO's value, as newer bonds offer higher yields. Falling rates have the opposite effect.

Credit Spreads: Widening credit spreads, reflecting increased default risk perception for issuers of the underlying bonds, can lower the ETF's price. Conversely, narrowing spreads boost the price.

Supply and Demand: Higher demand for MREL.TO can push its market price above its NAV, while increased selling pressure can depress it below NAV. This is due to market dynamics of the etf.

Market Sentiment: Overall investor optimism or pessimism toward the financial sector, or fixed income in general, affects demand for MREL.TO and thus its price, regardless of fund composition.

Redemptions/Creations: Large redemptions may force the fund manager to sell underlying bonds, potentially impacting price. New share creations can have the opposite effect, by raising demand and price.