Global Stock Market Performance: ACWI11.SA tracks the MSCI ACWI Index. Therefore, the performance of global stock markets, especially developed and emerging markets, significantly impacts its price.

Currency Exchange Rates: As ACWI11.SA holds international stocks, fluctuations in currency exchange rates between the Brazilian Real (BRL) and the currencies of the underlying assets (e.g., USD, EUR, JPY) influence its BRL price.

Investor Sentiment: Overall investor sentiment towards global equities and ETFs in the Brazilian market affects demand and supply, thus impacting ACWI11.SA's price.

Economic Conditions: Global and Brazilian economic conditions, including GDP growth, inflation, and interest rates, can influence investor confidence and ACWI11.SA's attractiveness.

Fund Flows: Large inflows into or outflows from ACWI11.SA can create buying or selling pressure, respectively, impacting its price in the short term.

Replication Strategy: The ETF's replication strategy (full replication, sampling, etc.) and its effectiveness in tracking the underlying index can affect its price relative to the MSCI ACWI.