Underlying Index Performance: HEWJ.MX aims to replicate the performance of an index tracking Japanese equities. Thus, the index's movements directly impact the ETF's price.

Supply and Demand: Market forces of supply and demand for the ETF itself influence its price. Higher demand generally leads to price increases, while greater supply can depress it.

Exchange Rates: Since HEWJ.MX invests in Japanese assets, fluctuations in the MXN/JPY exchange rate can impact its value for Mexican investors. A weaker MXN versus JPY boosts the ETF's value.

Expense Ratio: The fund's expense ratio, charged annually, reduces returns, impacting its price over time compared to the underlying index's performance.

Management Fees: The management fees charged by the fund managers directly reduce the returns and subsequently impact the price.

Trading Volume and Liquidity: Higher trading volume and liquidity tend to provide more stable prices, while lower liquidity can cause price volatility.

Economic Conditions in Japan: The overall health of the Japanese economy, including GDP growth, inflation, and interest rates, impacts the performance of Japanese companies and, thus, the ETF.

Global Market Sentiment: Broad market sentiment and risk appetite can drive investment flows into or out of Japanese equities, affecting the price of HEWJ.MX.

Geopolitical Events: Major geopolitical events or policy changes in Japan or globally can impact investor confidence and affect the ETF's price.

Changes in Index Composition: Modifications to the underlying index that HEWJ.MX tracks can lead to adjustments in the ETF's holdings, influencing its price.

Dividend Payments: Dividends paid by the underlying Japanese companies are distributed to ETF holders and may affect the price around the ex-dividend date.

Tracking Error: The difference between the ETF's performance and the performance of its benchmark index affects the ETF's price.

Government Policies: Government policies related to trade, tax or market regulations could also affect the price of the ETF.