Here is a response about what affects the price of XCS.TO ETFs, formatted as requested: Underlying Gold Prices: XCS.TO tracks the Solactive Gold Front Month Rolling Futures Index ER, thus fluctuations in gold futures directly impact its price.

Currency Exchange Rates: As gold is often priced in USD, the CAD/USD exchange rate affects XCS.TO. A weaker CAD boosts the ETF's CAD value.

Futures Contract Rolling: The index rolls futures contracts, potentially impacting returns due to the difference in price between contracts.

Supply and Demand: Like any ETF, market demand and supply for XCS.TO units influence its trading price.

Management Fees: XCS.TO's management expense ratio (MER) slightly reduces returns over time.

Interest Rates: Higher interest rates can make gold less attractive relative to interest-bearing assets, potentially decreasing demand.

Geopolitical Events: Global uncertainty tends to increase demand for gold as a safe haven asset, raising prices.

Inflation: Gold is often considered an inflation hedge. Rising inflation can increase demand and price.

Economic Growth: Strong economic growth can decrease demand for gold, potentially lowering its price.

Investor Sentiment: General market optimism or pessimism towards gold investments affects ETF demand and price.