Underlying Assets: The value of the companies held within the UDA.TO ETF directly impacts its price. If those companies' stock prices increase, the ETF's price is likely to increase as well.

Supply and Demand: Greater demand for UDA.TO shares than available supply will drive the price up, while increased selling pressure can lower the price.

Currency Fluctuations: As UDA.TO likely holds international assets, currency exchange rates between the Canadian dollar and the currencies of those assets will influence the ETF's price. A stronger Canadian dollar reduces the value of foreign holdings.

Market Sentiment: General investor optimism or pessimism towards the sectors or geographies the UDA.TO ETF invests in influences buying and selling activity, affecting its price.

Economic Conditions: Overall economic growth, inflation, interest rates, and unemployment rates in the countries where the underlying assets are located can impact their profitability and therefore UDA.TO's price.

Management Fees and Expenses: Although minor, the ongoing fees and expenses charged by the ETF manager can slightly reduce returns and, consequently, its price.

News and Events: Major company announcements, political events, or significant news related to the sectors UDA.TO invests in can cause price fluctuations.