Underlying Index Performance: The price of XJSE.F ETFs is directly linked to the performance of the FTSE/JSE Africa Top 40 Index. Rising index values generally lead to higher ETF prices, and vice versa.

Supply and Demand: Market demand for the ETF relative to its supply impacts its price. Higher demand pushes the price upward, while increased selling pressure lowers it.

Expense Ratio: The ETF's management fee, reflected in its expense ratio, can slightly affect its overall return and thus its price over time compared to the underlying index.

Currency Fluctuations: As the underlying assets are South African, fluctuations in the ZAR/USD exchange rate can impact the USD-denominated price of the ETF.

Trading Volume and Liquidity: Higher trading volume often translates to tighter bid-ask spreads, making it easier to buy and sell the ETF at a fair price, impacting perceived value.

Global Market Sentiment: Broad economic conditions and investor confidence in global markets, especially emerging markets, can influence the demand for and price of XJSE.F ETFs.

Political and Economic Stability in South Africa: Events affecting South Africa's political or economic landscape can shift investor sentiment and thus the demand for ETFs tracking South African assets.