Underlying Bond Prices: ZPS-L.TO's price is driven by the market value of the underlying preferred shares it holds. Increased demand or creditworthiness improvements of issuers may raise bond prices, pushing ZPS-L.TO higher.

Interest Rate Movements: Rising interest rates often negatively impact bond prices, including preferred shares, causing ZPS-L.TO to decline. Conversely, falling rates tend to boost bond values.

Credit Risk: The perceived credit risk of the preferred share issuers affects prices. Downgrades or concerns about issuers' financial health can lower ZPS-L.TO's value.

Supply and Demand: General investor sentiment and trading activity for ZPS-L.TO itself impact its price. High demand can cause a premium to net asset value, while increased selling pressure may lead to a discount.

Market Liquidity: Lower liquidity for preferred shares within ZPS-L.TO's portfolio can increase volatility and affect its price, making it more sensitive to price fluctuations.

Economic Conditions: Overall economic health influences preferred share issuers' ability to pay dividends. A strong economy generally supports prices, while a recession could negatively affect them.