Underlying Asset Performance: ZUP-U.TO tracks the Solactive US Preferred Share Select TR Index, therefore, the price is heavily influenced by the performance of the US preferred shares in that index.

Interest Rate Changes: As preferred shares are sensitive to interest rate movements, rising interest rates can negatively impact ZUP-U.TO's price, and vice-versa.

Credit Risk: The creditworthiness of the companies issuing the preferred shares held in the index influences the ETF's price. Downgrades can lead to price declines.

Market Sentiment: Overall investor sentiment towards preferred shares and the broader market can affect ZUP-U.TO's price, regardless of the underlying fundamentals.

Supply and Demand: Basic economic principles of supply and demand for the ETF itself influence its price, independent of the underlying assets.

Currency Fluctuations: Given the underlying assets are US-based, the CAD/USD exchange rate impacts returns for Canadian investors. A stronger Canadian dollar reduces returns.