Underlying Asset Performance: GSJY tracks Japanese small-cap stocks. Therefore, the performance of these underlying Japanese companies directly impacts the ETF's price. Strong company earnings, positive growth prospects, or increased investor confidence in Japanese small-caps can drive the ETF's price higher.

Currency Fluctuations: GSJY's price is also affected by the exchange rate between the US dollar and the Japanese Yen. If the Yen strengthens against the US dollar, the ETF's value in US dollars increases, and vice versa.

Supply and Demand: General market sentiment and investor demand for Japanese small-cap exposure will influence the ETF's price. High demand will typically increase the price, while low demand will decrease it.

Expense Ratio: The ETF's expense ratio, which represents the annual cost of managing the fund, indirectly affects its price by reducing the overall return to investors.

Economic Conditions in Japan: The overall health of the Japanese economy, including factors like GDP growth, inflation, interest rates, and employment figures, can significantly impact the performance of Japanese companies and, consequently, GSJY's price.