Underlying Index Performance: WXM.TO tracks the Solactive Equal Weight Canada Banks Index. The ETF's price heavily relies on the collective performance of the Canadian banks included in the index.

Supply and Demand: General investor demand for Canadian bank ETFs, and specifically WXM.TO, influences its market price. Higher demand relative to available units will push the price up, and vice-versa.

Interest Rates: Bank stocks are sensitive to interest rate changes. Expectations of rising or falling rates impact bank profitability and consequently affect WXM.TO's value.

Economic Conditions: The overall health of the Canadian economy affects the banking sector. Strong economic growth typically benefits banks, positively impacting WXM.TO. Conversely, recessions can negatively affect the ETF.

Management Fees and Expenses: The ETF's expense ratio will, to a small degree, impact its total return over time, and thus indirectly affect its price trajectory.

Market Sentiment: General market sentiment towards the Canadian financial sector and overall market risk appetite play a role in WXM.TO's price fluctuations.