US Inflation and Interest Rates: The ETF invests in US equities. The recent jump in US March CPI to 3.3% and a bleaker April outlook suggest potential for continued high interest rates from the Federal Reserve. This environment could negatively impact growth stocks, which the ETF targets, by increasing borrowing costs and reducing the present value of future earnings. [cite: context]

CAD/USD Exchange Rate Volatility: As a hedged ETF, its primary objective is to mitigate currency risk between the Canadian and US dollars. However, significant volatility in the CAD/USD exchange rate can still affect the costs and effectiveness of hedging strategies, potentially influencing the fund's net performance for Canadian investors.

Global Geopolitical Risks and Market Sentiment: The escalation of the Iran War and the Hormuz Blockade, even with a temporary ceasefire, contributes to global market uncertainty. Such geopolitical tensions can influence overall investor sentiment towards growth assets and market stability, thereby indirectly affecting the performance of the ETF's underlying US equity holdings. [cite: context]