[Underlying Index Performance]: ZEM.TO tracks the performance of an emerging markets equity index. Therefore, the price of ZEM.TO is directly affected by the overall performance of the companies within that index.

[Currency Fluctuations]: As ZEM.TO invests in emerging markets, currency exchange rates between the Canadian dollar and the currencies of those countries impact the ETF's value. A stronger Canadian dollar reduces the value of the foreign holdings.

[Investor Sentiment]: Overall investor sentiment toward emerging markets influences the demand for and supply of ZEM.TO shares. Positive sentiment typically drives prices up, while negative sentiment can lead to price declines.

[Political and Economic Stability]: Political instability, economic downturns, or changes in government policies in emerging markets can negatively impact investor confidence and the value of the companies held within the ETF.

[Interest Rates]: Changes in interest rates, particularly in the countries where ZEM.TO invests, can affect the profitability of companies and therefore the ETF's price. Higher interest rates can sometimes slow economic growth.