Underlying Index Performance: QXM.TO's price closely mirrors the performance of its underlying index, the NASDAQ 100. Positive index movements generally drive the ETF price up, while negative movements cause it to fall.

Supply and Demand: High demand for QXM.TO can increase its price, while increased selling pressure can decrease it. Market sentiment and investor appetite for tech stocks influence supply and demand.

Currency Fluctuations: As QXM.TO tracks a US index, exchange rate shifts between the Canadian dollar and US dollar impact the ETF's CAD price. A stronger CAD makes the ETF relatively cheaper, and a weaker CAD makes it more expensive.

Management Fees and Expenses: The ETF's operating costs, including management fees, are deducted from its returns, slightly impacting the overall price performance compared to the raw index return.

Dividend Payments: Dividends paid by companies within the NASDAQ 100, though typically small for tech-heavy ETFs, are reflected in QXM.TO's price. They contribute to the total return but can cause minor price adjustments.

Market Conditions: Broader economic conditions, such as interest rate changes, inflation, and geopolitical events, influence overall market sentiment and investor risk appetite, thus affecting QXM.TO's price.