Fund Holdings Performance: The underlying companies' performance directly impacts VEF.TO. Higher growth and profitability in those companies lead to higher ETF value.

Currency Exchange Rates: As VEF.TO holds emerging market stocks, currency fluctuations between the Canadian dollar and the currencies of those markets affect the ETF's CAD value.

Emerging Market Sentiment: Investor confidence in emerging markets influences demand for VEF.TO. Positive sentiment increases demand and price; negative sentiment decreases both.

Interest Rate Changes: Interest rate policies in emerging markets and Canada can impact company valuations and investor behavior, thus affecting VEF.TO price.

Geopolitical Risks: Political instability, trade wars, or regulatory changes in emerging markets increase uncertainty, potentially lowering VEF.TO's value.

Supply and Demand: General market conditions affect supply and demand for VEF.TO shares. High demand increases price, while high supply decreases it.

Management Fees and Expenses: The ETF's operating expenses are deducted from its assets, impacting its net asset value and ultimately its price.

Tracking Error: Inefficiencies in replicating the underlying index or benchmark will influence its return and price. A large tracking error will cause the fund to perform worse.