S&P 500 Performance: VFV.TO tracks the S&P 500, so its price largely mirrors the index's movements. Upward trends in the S&P 500 generally lead to price increases in VFV.TO, while downward trends cause price decreases.

Canadian Dollar vs. US Dollar: As VFV.TO holds US assets, currency fluctuations impact its price. A weaker Canadian dollar relative to the US dollar boosts the price of VFV.TO, while a stronger Canadian dollar reduces it.

Supply and Demand: Increased investor demand for VFV.TO can drive its price slightly above its net asset value, while increased selling pressure can push it slightly below. These deviations are usually small.

Management Expense Ratio (MER): While the MER is low for VFV.TO, it does affect the overall return and, indirectly, the long-term price. A higher MER would slightly reduce the fund's performance compared to the S&P 500.

Dividend Reinvestment: Dividends paid by the companies within the S&P 500 are reinvested into the fund, contributing to its overall growth and thus influencing the price over time.