Underlying Asset Performance: ZPDU.F tracks US Treasury bonds with 20+ years maturity. Their prices heavily influence ZPDU.F.

Interest Rate Changes: Rising rates usually decrease bond values, lowering ZPDU.F. Falling rates boost bond prices and ZPDU.F.

Inflation Expectations: Higher inflation expectations erode bond returns, causing ZPDU.F to fall. Lower expectations can lift it.

Market Sentiment: Risk-on environments may reduce demand for safe-haven assets like Treasury bonds, affecting ZPDU.F negatively. Risk-off times can boost it.

Supply and Demand: Imbalances in buying and selling pressure directly impact the ETF's price. Greater demand than supply raises price; vice-versa.

Liquidity: Lower liquidity leads to wider bid-ask spreads, potentially affecting the execution price for investors. Higher liquidity provides tighter spreads and efficient trading.

Currency Fluctuations: Since ZPDU.F is traded in EUR, EUR/USD movements influence returns for non-EUR investors. A stronger EUR vs USD helps while a weaker EUR hurts.

ETF Management Fees: Management expense ratios (MER) can slightly reduce the ETF's net asset value over time, impacting the price.