Underlying Bond Market Conditions: TPU.TO tracks investment-grade corporate bonds. Higher interest rates generally lower bond prices, decreasing the ETF's value. Conversely, falling rates can boost the ETF's price.

Credit Spreads: Widening credit spreads, indicating higher perceived risk in corporate bonds, tend to lower TPU.TO's price. Narrowing spreads often lead to price appreciation.

Supply and Demand: Increased investor demand for TPU.TO can push its price above its net asset value (NAV). High selling pressure can depress the price below NAV.

Market Sentiment: Overall investor confidence or fear can impact demand for corporate bond ETFs like TPU.TO. Risk-on sentiment may decrease demand, while risk-off can increase it.

Inflation Expectations: Rising inflation expectations often lead to higher interest rates and can negatively affect TPU.TO's price.

Fund Management Fees: Although less direct, the ETF's expense ratio affects returns and its attractiveness to investors. Higher fees could slightly reduce demand.