Underlying Holdings: XEF-U.TO tracks the MSCI EAFE Index, so the performance of the stocks within that index directly impacts its price.

Currency Fluctuations: As XEF-U.TO holds international stocks, the CAD/USD exchange rate affects its price. A stronger CAD makes the ETF cheaper and vice-versa.

Supply and Demand: Market demand for XEF-U.TO shares influences its price. Higher demand leads to a price increase and vice-versa.

Interest Rates: Global interest rate changes can impact the valuations of the companies held by XEF-U.TO, thereby affecting its price.

Economic Conditions: Economic growth or recession in the EAFE region impacts company earnings and thus the ETF's price.

Geopolitical Events: Political instability or major events in the countries represented in the MSCI EAFE Index can affect investor sentiment and the ETF's price.

Expense Ratio: While not a direct price determinant, XEF-U.TO's expense ratio slightly reduces returns over time, relative to the underlying index performance.