Asset Allocation: XBAL.TO maintains a fixed asset allocation across different equity and bond ETFs. Changes in the relative values of these underlying components directly impact XBAL.TO's price.

Underlying ETF Performance: XBAL.TO's price is derived from the performance of its constituent ETFs, which track various equity and fixed-income indexes. Their individual price movements influence XBAL.TO's overall value.

Interest Rates: Rising interest rates generally decrease bond values, negatively affecting the bond ETFs held within XBAL.TO and, consequently, XBAL.TO's price. Conversely, falling rates tend to increase bond values.

Equity Market Performance: The performance of global equity markets, reflected in the equity ETFs held by XBAL.TO, has a significant impact on the ETF's price. Positive market trends drive prices up, while negative trends cause them to fall.

Currency Fluctuations: Since XBAL.TO invests in global assets, currency fluctuations between the Canadian dollar and other currencies (e.g., USD) can affect the ETF's price. A stronger Canadian dollar may reduce returns, while a weaker dollar may increase them.

Supply and Demand: Like any ETF, XBAL.TO's price is affected by supply and demand. High demand can push the price above its net asset value (NAV), while high supply can push it below.

Management Fees: The management expense ratio (MER) charged by the ETF reduces its overall returns, indirectly influencing its price over time compared to a hypothetical investment with no fees.