Underlying Holdings Performance: XMC.TO's price is directly tied to the performance of the Canadian equity market it tracks. Higher overall market returns increase its price, while market downturns decrease it.

Supply and Demand: Increased investor demand for XMC.TO pushes its price up, while higher selling pressure lowers it. These market forces reflect overall sentiment.

Management Expense Ratio (MER): While not directly influencing daily price fluctuations, the MER impacts the ETF's long-term total return, thus affecting its attractiveness to investors and ultimately its price.

Currency Fluctuations: Changes in the CAD/USD exchange rate impact the value of any US-held assets within the underlying index (if any), which in turn affects XMC.TO’s overall price.

Index Tracking: The accuracy with which XMC.TO mirrors its benchmark index influences its perceived value. Tracking errors can create slight price discrepancies.

Economic Conditions: Broader economic factors like interest rates, inflation, and GDP growth influence investor sentiment and company earnings, indirectly impacting XMC.TO’s price via the underlying market.

Dividend Yield: The dividend yield offered by the companies within the underlying index impacts the ETF's overall appeal, subsequently influencing its market price and investor demand.

Global Events: Geopolitical events, global economic shifts, and major news announcements can affect market sentiment and investment flows, leading to volatility and price swings in XMC.TO.

Competition: The availability and performance of similar Canadian equity ETFs can affect investor choices and thus influence the demand and price of XMC.TO.

Fund Flows: Significant inflows into the ETF generally increase its price, while large outflows can create downward pressure due to selling needed to meet redemptions.