Underlying Index Performance: ZSP-U.TO tracks the S&P 500 Index. The price of ZSP-U.TO will fluctuate based on the performance of the S&P 500. Positive performance drives the ETF price up, and negative performance drives it down. Currency Exchange Rates: As ZSP-U.TO is a CAD-hedged ETF tracking a USD-denominated index, fluctuations in the CAD/USD exchange rate can influence its price. The hedging mechanism attempts to mitigate this impact, but it isn't perfect. Supply and Demand: Like any exchange-traded security, the price of ZSP-U.TO is subject to the forces of supply and demand in the market. Increased demand for the ETF will push the price up, while increased supply will push the price down. Interest Rates: Changes in interest rates, particularly in the US and Canada, can affect the attractiveness of equities and, consequently, the demand for ETFs like ZSP-U.TO. Economic Data: Broad economic indicators, such as GDP growth, inflation, unemployment, and consumer confidence, can influence investor sentiment and affect the performance of the S&P 500, thereby impacting ZSP-U.TO's price. Political and Geopolitical Events: Major political events, policy changes, and geopolitical tensions can introduce uncertainty into the market and affect investor sentiment, influencing the price of ZSP-U.TO.