Underlying Assets Performance: ZUQ.TO tracks the NASDAQ 100 Index. The ETF's price is heavily influenced by the collective performance of the 100 largest non-financial companies listed on the NASDAQ.

Supply and Demand: Like any traded security, ZUQ.TO's price fluctuates based on buying and selling pressure. Higher demand typically leads to price increases, while increased selling can cause prices to decline.

Economic Conditions: Broader economic factors like interest rates, inflation, GDP growth, and unemployment can impact investor sentiment and, consequently, the demand for stocks within the NASDAQ 100, thus affecting ZUQ.TO.

Currency Fluctuations: As ZUQ.TO likely holds US-based assets, changes in the CAD/USD exchange rate can influence its price when viewed from a Canadian investor's perspective. A weaker Canadian dollar increases the value of the USD-denominated holdings.

Market Sentiment: Overall investor confidence and risk appetite play a significant role. Positive market sentiment encourages investment in equities, boosting ZUQ.TO's price, while negative sentiment can lead to sell-offs and price declines.

ETF Management Fees: The fund's expense ratio, though relatively small, can subtly impact returns over time. Higher fees can slightly reduce the overall performance compared to the underlying index.

Index Rebalancing: Periodic rebalancing of the NASDAQ 100 Index can lead to adjustments in ZUQ.TO's holdings, potentially influencing its price, particularly if significant changes occur during rebalancing.

News and Events: Company-specific news or major global events can affect individual companies within the NASDAQ 100 and, as a result, the overall index and ZUQ.TO's price.

Geopolitical Risks: Global political instability and international relations, can indirectly affect market sentiment and investment decisions, impacting the demand and price of ZUQ.TO.