Broad Market Performance: Overall trends in US stock market, especially the S&P 500, significantly impact XUSR.TO.

Currency Fluctuations: Changes in the CAD/USD exchange rate affect returns for Canadian investors, as the ETF holds US equities.

Interest Rates: US interest rate policies influence stock valuations, indirectly impacting the ETF's price.

Economic Data: US economic indicators like GDP growth, inflation, and employment affect corporate earnings and thus, stock prices in the ETF.

Investor Sentiment: General market optimism or pessimism impacts demand for US equities, influencing the ETF's trading price.

Sector Performance: Performance of key sectors within the S&P 500 influences XUSR.TO, reflecting sector weightings.

Company Performance: Individual company performance within the S&P 500 affects the index and, consequently, the ETF's price.

ETF Flows: Significant inflows or outflows can create buying or selling pressure, affecting the ETF's trading price.

Index Rebalancing: Changes in the S&P 500 composition can cause adjustments in the ETF holdings, impacting its price.

Global Events: Major global events affecting US economy can indirectly shift the ETF's value.