Constituent Holdings Performance: The price reflects the performance of the underlying bonds held by the ETF. If the bonds' prices increase, the ETF's price will generally rise. Interest Rate Movements: Rising interest rates typically cause bond prices to fall, negatively impacting the ETF's value. Conversely, falling rates can boost bond values and the ETF's price. Credit Quality Perception: Changes in the perceived creditworthiness of the issuers of the bonds within the portfolio can affect bond prices and thus the ETF's price. Inflation Expectations: Rising inflation erodes the real value of fixed-income securities, potentially leading to lower bond prices and a decline in the ETF's value. Supply and Demand: Basic supply and demand for the ETF shares themselves can influence its price, independent of the underlying assets' performance. Market Sentiment: Overall investor confidence or anxiety regarding fixed-income markets or the broader economy can drive buying or selling pressure, impacting the ETF's price. Currency Fluctuations: As VZLD.F is a foreign-listed ETF, currency exchange rate variations impact returns for investors using other currencies.