Underlying Holdings: ZWH-U.TO's price reflects the value of its covered call strategy on U.S. equity holdings. Price fluctuations in those underlying equities directly impact the ETF's value.

Supply and Demand: High demand for ZWH-U.TO can drive its price up, while increased selling pressure can lower it, regardless of the underlying asset values.

Covered Call Premiums: The premiums earned from writing covered calls affect the ETF's income and overall return, impacting its attractiveness and thus its price.

Currency Exchange Rates: As ZWH-U.TO holds U.S. assets, fluctuations in the CAD/USD exchange rate influence its price when viewed in Canadian dollars.

Interest Rates: Changes in interest rates can affect the attractiveness of dividend-paying ETFs like ZWH-U.TO, influencing investor demand and its price.

Market Sentiment: Broad market optimism or pessimism can affect investor appetite for equities and covered call strategies, thereby impacting ZWH-U.TO's price.

Dividend Yield: The ETF's dividend yield compared to other income-generating assets impacts its desirability, influencing buying and selling activity and price.

Management Fees: While not a direct price driver, the ETF's management expense ratio (MER) affects its overall return, potentially influencing long-term investor sentiment and price.