Fundamentals of Underlying Assets: The HGJH11.SA ETF tracks a specific index, so the performance and value of the companies within that index directly influence the ETF's price.

Supply and Demand: High demand for the ETF relative to its available supply pushes the price up, while increased supply or decreased demand can lower the price.

Net Asset Value (NAV): The NAV represents the per-share value of the ETF's underlying holdings. The ETF price generally trades close to its NAV, but discrepancies can occur due to market dynamics.

Investor Sentiment: General market optimism or pessimism, or investor confidence in the sectors represented in the underlying index, can drive buying or selling pressure on the ETF.

Expense Ratio: Although the expense ratio doesn't directly impact the daily price fluctuation, it affects the long-term returns, as it represents the annual cost of managing the fund.

Trading Activity and Liquidity: High trading volume and liquidity generally lead to tighter bid-ask spreads and more efficient price discovery, whereas low liquidity can cause price volatility.

Economic Conditions: Macroeconomic factors like interest rates, inflation, and GDP growth can influence the performance of the companies within the tracked index and thus impact the ETF's price.

Currency Fluctuations: If the underlying assets are denominated in a different currency, exchange rate movements can affect the ETF's value when translated back to the local currency (BRL).