Underlying Holdings Performance: The price of XDG.TO largely reflects the performance of the underlying securities it holds, predominantly German equities. Strong performance in those German stocks will drive XDG.TO's price higher and vice versa. Currency Fluctuations: As XDG.TO invests in German stocks, currency exchange rates, particularly the EUR/CAD rate, can significantly impact the ETF's price. A stronger Euro relative to the Canadian dollar will increase the value of the ETF. Supply and Demand: General market supply and demand for XDG.TO shares can influence its price. Increased demand tends to push the price up, while higher supply can lead to price declines. Management Fees and Expenses: The ETF's operating expenses, including management fees, indirectly affect its price by reducing the overall return and, consequently, the appeal of the ETF to investors. Economic Conditions in Germany: The overall economic health of Germany directly influences the profitability and valuation of the companies held within the ETF, impacting its price. Global Market Sentiment: Broad investor sentiment towards global equities, and European equities in particular, can affect demand for XDG.TO, leading to price fluctuations irrespective of specific German company performance.