Fund Performance: The underlying performance of the constituent holdings impacts ZPH.TO's price. Higher returns translate to price increases.

Interest Rate Changes: Rising interest rates generally decrease bond prices, thus lowering ZPH.TO's value. Falling rates have the opposite effect.

Credit Risk: Deterioration in the creditworthiness of the bond issuers within the fund can decrease the ETF's price.

Inflation Expectations: Higher inflation expectations often lead to higher bond yields and lower bond prices, negatively affecting ZPH.TO.

Supply and Demand: Increased demand for ZPH.TO relative to supply pushes the price higher, and vice versa.

Market Sentiment: General investor optimism or pessimism towards fixed income securities can influence ZPH.TO's price.

Redemption Pressure: Large redemptions from the ETF may force the fund to sell its holdings, potentially depressing the price.

Management Fees: While not a direct price driver, higher management fees can detract from overall returns and influence investor perception.

Currency Fluctuations: Changes in the Canadian dollar's value relative to other currencies, particularly if the fund holds foreign bonds, affect the price.