Dividend Yield: Higher yields attract investors, boosting demand and price. Lower yields may lead to selling and price decline.

Interest Rates: Rising rates make fixed income alternatives more appealing, potentially decreasing demand for ZDV.TO and lowering its price. Falling rates often increase ZDV.TO's attractiveness.

Underlying Holdings: The performance of the dividend-paying stocks within ZDV.TO's portfolio directly impacts its value. Good performance drives up the price; poor performance reduces it.

Market Sentiment: Overall investor confidence and risk appetite influence demand for dividend-focused ETFs like ZDV.TO. Positive sentiment can increase prices, while negative sentiment can decrease them.

ETF Supply/Demand: Basic economic principles apply. High demand relative to the available supply of ZDV.TO shares pushes the price upward. Increased supply relative to demand can lower the price.

Management Fees: While not a direct driver, higher management fees can subtly reduce the overall return and potentially affect investor interest compared to similar, lower-fee ETFs.