Underlying Holdings: XDUH.TO tracks a US High Dividend Yield index. The prices of the stocks within that index directly impact the ETF's NAV and market price.

Dividend Yields: Changes in dividend yields of the underlying US stocks can affect the ETF's attractiveness, influencing demand and price.

Currency Fluctuations: As XDUH.TO holds US assets, CAD/USD exchange rate variations impact its value in Canadian dollars.

Interest Rates: US interest rate hikes can affect dividend stock valuations and the ETF's appeal relative to bonds.

Market Sentiment: Overall investor confidence and risk appetite in the US equity market influence the ETF's demand and price.

Economic Conditions: US economic data (GDP, inflation, unemployment) affects the earnings and valuations of the underlying companies.

Fund Flows: Large inflows or outflows of capital into or out of XDUH.TO can influence its market price relative to its NAV.

Expense Ratio: The ETF's management fee (expense ratio) indirectly affects the returns to investors and thus its relative attractiveness.

Tax Implications: Changes in tax laws related to dividend income or capital gains can affect investor demand.

Geopolitical Events: Major global events and political uncertainty can affect market sentiment and investor behaviour.