Supply and Demand: Increased demand for VXM-B.TO units drives the price up, while higher supply pushes it down.

Underlying Index Performance: VXM-B.TO tracks the S&P 500 VIX Short-Term Futures Index, so the index's movements directly impact the ETF's value. Futures prices are influenced by volatility expectations.

Volatility Expectations: Rising volatility often leads to higher VIX futures prices, increasing VXM-B.TO's value. Conversely, decreasing volatility usually causes lower VIX futures and a decline in the ETF's price.

Contango/Backwardation: The shape of the VIX futures curve (contango or backwardation) significantly impacts returns. Contango (futures prices higher than spot prices) usually results in losses due to the roll yield effect, reducing the ETF's value. Backwardation (futures prices lower than spot prices) can create positive roll yield.

Management Fees and Expenses: The ETF's expense ratio and any trading costs reduce overall returns and can slightly affect the price relative to the underlying index.

Market Sentiment: General investor sentiment towards risk and the overall market outlook can influence demand for VIX-related products like VXM-B.TO.