Underlying Asset Performance: The primary driver is the performance of the underlying US large-cap value stocks the ETF tracks. Positive performance in these stocks generally leads to an increase in ZUS-V.TO's price.

Supply and Demand: Basic market forces of supply and demand impact the ETF's price. Higher demand relative to supply pushes the price up, while increased supply compared to demand lowers it.

Currency Fluctuations: As ZUS-V.TO invests in US equities, fluctuations in the CAD/USD exchange rate influence its price. A stronger Canadian dollar versus the US dollar will decrease the value.

Interest Rates: Changes in interest rates, both in Canada and the US, can indirectly affect stock valuations and investor sentiment, ultimately impacting ZUS-V.TO's price.

Economic Conditions: Overall economic health in both Canada and the US impacts investor confidence and market performance, which can affect the ETF's price.

Market Sentiment: General investor sentiment towards the stock market and specific sectors the ETF invests in influences its price. Positive sentiment can drive prices higher.

ETF Flows: Inflows and outflows of capital into and out of ZUS-V.TO can put upward or downward pressure on its price, respectively.

Expense Ratio: The ETF's expense ratio can indirectly influence its price over time, as higher expenses reduce the overall return to investors.

Index Rebalancing: Periodic rebalancing of the underlying index tracked by the ETF can lead to buying and selling activity that affects stock prices, consequently impacting ZUS-V.TO's value.