ZHU.TO is a Horizons Equal Weight Global ex North America Dividend ETF. Global Equity Market Performance: Broad global equity market trends outside North America significantly influence ZHU.TO's price. Positive market sentiment and rising stock prices in developed and emerging markets (excluding North America) typically lead to an increase in the ETF's value. Conversely, negative market conditions and declining stock prices decrease its value. Dividend Yields of Underlying Holdings: As a dividend ETF, ZHU.TO's price is affected by the dividend yields of the companies it holds. Higher dividend yields from the underlying stocks make the ETF more attractive to investors, potentially increasing demand and thus the price. Changes in dividend policies or financial performance of constituent companies impacting their ability to pay dividends can affect the ETF's value. Currency Fluctuations: Since ZHU.TO invests in companies located outside North America, currency fluctuations play a role. A strengthening Canadian dollar relative to other currencies (such as the Euro, British Pound, or Japanese Yen) can reduce the value of the ETF's foreign holdings when converted back to Canadian dollars. A weakening Canadian dollar can increase the ETF's value. Interest Rate Changes: Changes in global interest rates can influence investor demand for dividend-paying stocks. Rising interest rates may make fixed-income investments more attractive, reducing demand for dividend ETFs like ZHU.TO and potentially lowering its price. ETF Flows: The supply and demand dynamics driven by ETF flows (creation and redemption of ETF units) affect ZHU.TO's price. High demand for the ETF can push its price up, while net redemptions can put downward pressure on the price. Economic Growth (ex-North America): The overall economic health and growth prospects of countries outside North America impact the performance of the companies held by ZHU.TO. Stronger economic growth generally leads to better corporate earnings and stock price appreciation, benefiting the ETF. Weaker economic growth can have the opposite effect.