Underlying Holdings: The performance of the Canadian high-dividend stocks held by ZWC.TO directly influences its price.

Interest Rate Changes: Rising interest rates may make fixed-income investments more attractive, potentially decreasing demand for dividend ETFs like ZWC.TO.

Market Sentiment: Overall investor confidence and risk appetite can impact demand for equity ETFs, including ZWC.TO.

Dividend Yields: Changes in the dividend yields of the underlying stocks can affect the attractiveness and price of ZWC.TO.

Management Fees & Expenses: The expense ratio and other costs associated with managing ZWC.TO can slightly impact its overall return and price.

Currency Fluctuations: Since some underlying holdings might have exposure to other currencies, exchange rate movements can influence ZWC.TO's price.

Supply and Demand: Basic market forces of supply and demand for ZWC.TO shares in the stock market affect its trading price.

Economic Conditions: Broad economic factors like GDP growth, inflation, and unemployment can impact the performance of companies held by ZWC.TO and influence its price.