Underlying Holdings Performance: QUB.TO tracks the NASDAQ-100 Equal Weighted Index. Thus, the collective performance of the companies within this index directly impacts its price. If the majority of these companies experience gains, QUB.TO typically rises, and vice versa.

Supply and Demand: Like all ETFs, QUB.TO's price is influenced by market demand. Higher demand leads to increased prices, while lower demand results in price declines. This is impacted by investor sentiment and overall market conditions.

Interest Rates: Changes in interest rates, especially those set by central banks, can affect investor appetite for riskier assets like equities. Higher rates might make bonds more attractive, potentially reducing demand for QUB.TO.

Currency Fluctuations: As QUB.TO invests in US-based companies, currency exchange rates between the Canadian dollar and US dollar play a role. A stronger Canadian dollar versus the US dollar can negatively affect returns when converted back to CAD.

Management Fees and Expenses: While not a direct driver of daily price changes, the MER (Management Expense Ratio) charged by the ETF issuer indirectly affects returns over the long term.

Economic News and Events: Major economic announcements, geopolitical events, and unexpected crises can trigger broad market movements affecting QUB.TO's price alongside other equity ETFs. These events can shift investor sentiment and risk tolerance.