Asset Allocation: ZBAL.TO holds a fixed asset mix of global equities and Canadian bonds. Changes in the perceived value or risk associated with either asset class will impact the ETF's price.

Interest Rates: Since ZBAL.TO includes Canadian bonds, rising interest rates can decrease bond values, leading to a lower ETF price. Conversely, falling rates may increase the ETF's price.

Equity Market Performance: A significant portion of ZBAL.TO is invested in global equities. Strong equity market performance generally increases the ETF's price, while declines have the opposite effect.

Currency Fluctuations: The ETF holds global equities priced in different currencies. Changes in the Canadian dollar's value against other currencies can affect returns when converted back to CAD.

Management Fees: While a minor factor, the ETF's management expense ratio (MER) can slightly reduce overall returns and potentially affect the price relative to comparable investments.

Supply and Demand: General investor sentiment and demand for balanced investment products can influence the ETF's market price above or below its net asset value (NAV).

Inflation Expectations: Rising inflation can erode the real value of fixed-income assets held by ZBAL.TO, potentially decreasing its price.