Underlying Holdings: The price of RUBY.TO is significantly affected by the performance of the underlying companies it holds, primarily those focused on the precious metals and mining sector.

Market Sentiment: Overall market sentiment towards gold and silver, and the mining industry as a whole, greatly influences demand for RUBY.TO, impacting its price.

Commodity Prices: Fluctuations in the spot prices of gold and silver, the core commodities for many of the underlying companies, directly correlate with RUBY.TO's price.

Currency Exchange Rates: As RUBY.TO holds companies operating globally, changes in CAD/USD and other relevant currency exchange rates can impact the ETF's value.

Interest Rates: Rising interest rates can decrease the attractiveness of gold as an investment, potentially lowering demand for RUBY.TO.

Inflation: Inflationary pressures typically increase demand for gold as a hedge, potentially raising RUBY.TO's price.

Geopolitical Events: Global political instability and economic uncertainty often drive investors towards safe-haven assets like gold, increasing demand for RUBY.TO.

Supply and Demand: Basic supply and demand principles affect the ETF's price. Higher demand generally leads to a higher price, and vice versa.

ETF Management Fees: The expense ratio of RUBY.TO, which covers management and operational costs, can indirectly affect its price performance over time.