Underlying Holdings: ZUH.TO's price reflects the value of its underlying US high yield corporate bonds. Their market prices drive ZUH.TO's value.

Interest Rates: Rising interest rates generally decrease bond prices, impacting ZUH.TO negatively. Falling rates tend to increase its price.

Credit Spreads: Widening credit spreads (difference between high yield bond yields and risk-free rates) usually lower bond prices, thus ZUH.TO's value. Narrowing spreads increase its price.

Market Sentiment: General investor optimism or pessimism towards high yield bonds impacts ZUH.TO's demand and price.

Economic Conditions: Economic growth typically improves corporate creditworthiness, benefiting high yield bonds and ZUH.TO. Economic slowdowns have the opposite effect.

ETF Supply/Demand: Higher demand for ZUH.TO can push its price above its net asset value (NAV). Conversely, high selling pressure can cause it to trade below NAV.

Currency Fluctuations: The exchange rate between the Canadian dollar and the US dollar influences ZUH.TO's price, as the underlying assets are in US dollars. A stronger Canadian dollar lowers the price, vice versa.