Underlying Index Performance: The BIJR39.SA ETF's price heavily depends on the performance of the underlying index it tracks, which represents the 39 largest Shariah-compliant companies in Saudi Arabia. If the index rises, the ETF's price typically increases and vice versa.

Supply and Demand: Basic economic principles apply. High demand for the ETF will likely push the price upward, while increased selling pressure or excess supply can cause the price to fall.

Investor Sentiment: Overall market sentiment towards the Saudi Arabian stock market and Shariah-compliant investments can influence the ETF's price. Positive sentiment encourages buying, boosting the price, while negative sentiment may lead to selling and price declines.

Currency Exchange Rates: Fluctuations in the exchange rate between the Saudi Riyal (SAR) and other currencies, especially those of major trading partners, can affect the ETF's price, particularly for international investors.

Expense Ratio and Tracking Error: The ETF's expense ratio (annual cost of managing the fund) and any tracking error (deviation from the underlying index's performance) can slightly impact the ETF's returns and therefore its price. Higher expense ratios or significant tracking errors can lead to underperformance.

Dividend Payouts: Dividends paid by the companies within the underlying index are passed on to ETF holders. The anticipation and actual payment of dividends can influence investor demand and thus the ETF's price.

Political and Economic Factors in Saudi Arabia: Political stability, economic growth, government policies, and regulatory changes in Saudi Arabia can impact the performance of the companies in the underlying index and, consequently, the ETF's price.

Global Economic Conditions: Broader global economic factors, such as interest rates, inflation, trade policies, and geopolitical events, can affect investor risk appetite and capital flows, influencing the attractiveness of Saudi Arabian equities and the BIJR39.SA ETF.

Liquidity of Underlying Assets: The liquidity of the stocks comprising the underlying index can affect the ETF's trading efficiency. If the underlying stocks are illiquid, it may be more difficult for the ETF to accurately track the index, potentially impacting its price.

Changes in Islamic Finance Principles: Changes or interpretations of Shariah law that affect the eligibility of companies within the index can lead to reconstitution of the index and affect the ETF's composition and price.