FactorName: The performance of the underlying JSE-listed companies. The ETF mirrors the index; therefore, the collective financial health and market sentiment surrounding those companies directly influence the ETF's value.

FactorName: Supply and demand. If more investors want to buy the ETF than sell, the price increases, and vice versa. This is driven by overall market confidence and investor risk appetite.

FactorName: Currency fluctuations. Since the ETF is traded in EUR on XETRA but tracks South African assets, the EUR/ZAR exchange rate impacts returns for European investors. A weaker ZAR reduces the ETF's value in EUR.

FactorName: Macroeconomic factors in South Africa. Interest rates, inflation, GDP growth, and political stability affect the profitability and attractiveness of companies listed on the JSE, indirectly influencing the ETF.

FactorName: Changes in the constituent companies of the JSE index. The ETF portfolio needs to reflect those change to remain accurate, impacting price.

FactorName: Global market sentiment. General optimism or pessimism in global financial markets can impact investor flows into or out of emerging markets like South Africa.

FactorName: ETF management fees and expenses. These costs are deducted from the ETF's assets, slightly reducing its return compared to the underlying index.

FactorName: Tracking error. The ETF's performance may deviate slightly from the JSE index due to replication methods and trading costs. This can also affect price.