Company Performance: The financial health and profitability of the companies held within the ZDI.TO ETF portfolio directly impact its price.

Dividend Yield: ZDI.TO focuses on dividend-paying stocks; higher dividend yields in its holdings attract investors, potentially increasing demand and the price.

Interest Rates: Rising interest rates can make bonds more attractive, possibly reducing the demand for dividend ETFs like ZDI.TO and lowering its price.

Market Sentiment: Overall investor confidence and risk appetite affect demand for equities, influencing the price of ZDI.TO, which holds common stocks.

Economic Conditions: Economic growth usually supports company profits and dividends, positively affecting ZDI.TO's price; conversely, recessions can negatively impact it.

Sector Performance: The performance of the specific sectors represented in ZDI.TO's portfolio affects its price, depending on their relative weightings.

ETF Supply and Demand: High demand for ZDI.TO versus limited supply can push up its price, while increased supply and reduced demand will likely lower the price.

Management Fees: While less direct, higher management expense ratios (MER) could indirectly impact ZDI.TO's attractiveness versus similar ETFs, potentially affecting demand.

Currency Fluctuations: Changes in the Canadian dollar's value relative to other currencies, particularly if ZDI.TO holds international assets, can affect its price.

Inflation: High inflation may erode the real value of dividends, possibly decreasing demand for ZDI.TO and affecting its price.