Underlying Index Performance: The price of ZNQ.TO, an ETF tracking the Nasdaq 100 Index, is primarily driven by the performance of its underlying index. Positive index performance generally leads to a higher ETF price, while negative performance results in a lower price.

Supply and Demand: Like any security, the price of ZNQ.TO is influenced by supply and demand. Higher demand from investors generally pushes the price up, while increased selling pressure can cause the price to decline.

Currency Fluctuations: As ZNQ.TO is listed on the Toronto Stock Exchange and holds assets priced in USD, currency fluctuations between the Canadian dollar and the U.S. dollar can impact its price. A stronger Canadian dollar relative to the USD could reduce returns, and vice versa.

Interest Rates: Changes in interest rates can affect the valuation of growth stocks, which are heavily represented in the Nasdaq 100 Index. Rising interest rates may lead to lower valuations, potentially impacting the ETF's price.

Economic Conditions: Broad economic conditions, such as GDP growth, inflation, and unemployment, can affect investor sentiment and corporate earnings, which in turn impact the performance of the companies within the Nasdaq 100 and the ETF's price.

ETF Management Fees and Expenses: The expense ratio of ZNQ.TO, representing the annual cost of managing the ETF, is deducted from the ETF's assets. Higher expense ratios can slightly detract from the overall return and potentially affect its price relative to the underlying index.