Underlying Assets: The value of the companies or assets held within the BIWF39.SA ETF directly impacts its price. Positive performance of these holdings usually drives the ETF price up, while negative performance drives it down.

Supply and Demand: Like any security, the ETF's price is subject to the forces of supply and demand. High demand from investors can increase the price, while increased selling pressure can lower it.

Market Sentiment: Overall investor mood and expectations regarding the economy and specific sectors can influence the ETF price. Positive sentiment often leads to higher prices, and negative sentiment leads to lower prices.

Index Tracking: BIWF39.SA aims to mirror the performance of a specific index. Discrepancies between the ETF's price and the index's value can create arbitrage opportunities that ultimately affect the ETF's price.

Currency Exchange Rates: Since it's on the Saudi Exchange, currency fluctuations may influence the value of the underlying international assets and therefore the price of the ETF.