Underlying Index Performance: XDWU.F tracks an index of global developed market companies, excluding the U.S. The performance of these underlying companies directly impacts the ETF's price.

Currency Fluctuations: As the ETF invests in international markets, currency exchange rates between the Canadian dollar (where XDWU.F is traded) and the currencies of the underlying companies affect returns.

Supply and Demand: Market forces of supply and demand for XDWU.F shares can cause price fluctuations, especially during periods of high trading volume.

Economic Conditions: Global economic factors like GDP growth, inflation, and interest rates in developed markets influence the profitability and valuation of the underlying companies.

Geopolitical Events: Political instability, trade wars, or major international events can create market uncertainty and impact investor sentiment, leading to price swings.

Management Fees and Expenses: The ETF's expense ratio reduces the overall return, impacting its price relative to the underlying index.

Investor Sentiment: Broad market sentiment and investor appetite for international equities can influence the demand for XDWU.F.

Tracking Error: The degree to which the ETF's performance deviates from its benchmark index can affect its price relative to the index's value.