Inflation: Rising inflation erodes purchasing power, impacting real returns and potentially lowering ETF demand.

Interest Rates: Higher interest rates can make bonds more attractive, reducing demand for dividend-focused ETFs like XDSR.TO.

Economic Growth: Strong economic growth generally supports corporate earnings, boosting dividend payouts and potentially increasing ETF value.

Market Sentiment: Overall investor confidence or fear can heavily influence buying and selling pressure, affecting ETF price regardless of fundamentals.

Dividend Yield of Underlying Holdings: Fluctuations in dividends paid by the companies held within the ETF directly impact the ETF's value.

Currency Fluctuations: Changes in the Canadian dollar's value against other currencies can impact the value of underlying international holdings.

Sector Performance: The performance of sectors represented in XDSR.TO influences its overall return.

ETF Supply and Demand: Higher demand relative to supply will push the price up and lower demand will drive the price down.

Management Fees and Expenses: The ETF's expense ratio slightly reduces returns, affecting its relative attractiveness compared to other options.