Fundamentally, AQLL11.SA's price is influenced by factors that affect the underlying assets it holds. Underlying Asset Performance: The performance of the companies included in the ETF's investment portfolio is a primary driver. Strong financial results and positive outlooks for these companies can increase the ETF's value. Interest Rate Changes: Changes in interest rates can impact the attractiveness of the assets held within the ETF, particularly fixed-income securities or companies sensitive to borrowing costs. Investor Sentiment: Market sentiment, news, and general economic conditions influence investor demand for the ETF, affecting its price through buying and selling pressure. Supply and Demand: The balance between buyers and sellers of AQLL11.SA shares on the exchange directly impacts its price. High demand pushes prices up, while increased selling pressure causes prices to fall. Expense Ratio: The expense ratio, which is the annual fee charged to manage the fund, impacts the overall return of the ETF and can indirectly influence its price.