Underlying Index Performance: SPYJ.F tracks the S&P U.S. Small-Cap 600 index, so its price heavily depends on this index's performance. Upward index movement usually increases the ETF's price, and vice versa.

Supply and Demand: Higher demand for SPYJ.F pushes its price up, while increased selling pressure lowers it. This is based on overall market sentiment and investor appetite for small-cap U.S. equities.

Expense Ratio: While not a direct price driver, SPYJ.F's expense ratio impacts its long-term returns. A lower expense ratio means more of the underlying index's gains are passed on to investors.

Trading Volume and Liquidity: High trading volume and liquidity ensure easier buying and selling of SPYJ.F shares, generally leading to tighter bid-ask spreads and potentially more stable pricing.

Economic Conditions: Overall economic health, interest rates, inflation, and employment figures affect investor sentiment toward small-cap companies. Stronger economies tend to boost small-cap performance.

Sector Performance: The performance of key sectors within the S&P U.S. Small-Cap 600, like technology, healthcare, or financials, can significantly influence SPYJ.F's overall price movement.