Asset Performance: ZWS.TO's price mirrors the weighted average performance of its constituent Canadian government, provincial, and corporate bonds. Positive bond returns increase the ETF's value.

Interest Rate Changes: Rising interest rates typically decrease bond values, lowering ZWS.TO's price. Conversely, falling rates usually boost bond prices and the ETF's value.

Credit Spreads: Widening credit spreads (the difference between corporate and government bond yields) often signal increased risk aversion, decreasing the value of corporate bonds within ZWS.TO and thus the ETF's price.

Market Sentiment: Investor confidence and risk appetite influence demand for bonds. High demand can push bond prices and ZWS.TO's price upward, while decreased demand can lead to price declines.

Inflation Expectations: Higher inflation expectations generally lead to higher bond yields (and lower bond prices), negatively impacting ZWS.TO. Lower expectations tend to have the opposite effect.

Supply and Demand: The overall supply of and demand for ZWS.TO units can influence its price. High demand relative to supply can lead to a premium above its net asset value (NAV), while low demand can result in a discount.