WAAV.TO, being an ETF, primarily reflects the net asset value (NAV) of its holdings.

**NAV of Underlying Assets**: Changes in the market value of the weighted average portfolio duration and yield of the BMO Laddered Preferred Share Index directly impacts WAAV.TO's price.

**Supply and Demand**: High demand can push the price above NAV, while increased selling pressure can depress it.

**Interest Rate Changes**: Preferred shares are sensitive to interest rate changes; rising rates can decrease their value and WAAV.TO's price.

**Credit Risk**: Credit ratings of preferred share issuers impact WAAV.TO; downgrades can lower the fund's value.

**Market Sentiment**: Overall investor confidence or pessimism towards preferred shares and the broader market affects WAAV.TO's price.

**Liquidity**: Lower liquidity in the preferred share market can lead to wider bid-ask spreads and price volatility for WAAV.TO.

**Redemption Activity**: Large redemptions can force the fund to sell assets, potentially impacting the price, especially in less liquid markets.

**Management Fees & Expenses**: While not a direct driver of price fluctuations, high fees can erode returns over time, indirectly affecting its attractiveness.

**Currency Fluctuations**: If the fund invests in preferred shares denominated in other currencies, exchange rate changes can impact the Canadian dollar value of WAAV.TO.