Company Performance: The underlying companies' financial health and profitability impact VDY.BE's price. Strong earnings and positive outlooks can drive the price up.

Dividend Yields: As an ETF focused on dividends, changes in dividend yields offered by the constituent companies directly affect the ETF's attractiveness and price. Higher yields typically increase demand.

Interest Rate Environment: Interest rate fluctuations impact VDY.BE. Rising rates may make fixed-income investments more appealing, potentially decreasing demand for dividend-focused ETFs.

Market Sentiment: Overall market optimism or pessimism influences VDY.BE. Broad market downturns can negatively impact the price, regardless of the underlying companies' performance.

Sector Performance: The performance of the sectors represented in VDY.BE influences its price. If the financial or energy sectors (typically heavily weighted) perform poorly, it can drag down the ETF.

Economic Conditions: Macroeconomic factors like inflation, GDP growth, and unemployment rates impact the companies within VDY.BE and, consequently, the ETF's price.

Investor Demand: Supply and demand for VDY.BE shares directly affects its price. Increased buying pressure drives the price up, while increased selling pressure drives it down.

Management Fees & Expenses: While not a direct driver of daily price fluctuations, the MER (Management Expense Ratio) impacts overall returns and can indirectly affect long-term investor demand and price.

Currency Fluctuations: The relative value of the Canadian dollar versus other currencies can influence the price, particularly if underlying companies have significant international operations.