Underlying Asset Performance: The primary driver is the performance of the underlying Brazilian equities tracked by the BUSM39.SA ETF.

Supply and Demand: Market demand for the ETF shares relative to their supply influences its price. Higher demand can increase the price, while increased supply can lower it.

Investor Sentiment: Overall market sentiment towards Brazilian equities and emerging markets affects investor demand for the ETF.

Currency Fluctuations: Changes in the BRL/USD exchange rate can impact the ETF's price for investors holding it in other currencies.

Economic Conditions in Brazil: Factors such as GDP growth, inflation, interest rates, and unemployment in Brazil affect the profitability of the underlying companies and investor confidence.

Political and Regulatory Environment: Political stability, government policies, and regulatory changes in Brazil can significantly influence investor sentiment and equity valuations.

Global Market Conditions: Broader global economic trends, interest rates, and geopolitical events can impact investor risk appetite and capital flows to emerging markets like Brazil.

Fund Management Fees and Expenses: The ETF's expense ratio, which includes management fees and other operating costs, can slightly reduce its overall return and affect its relative attractiveness.

Tracking Error: The degree to which the ETF's performance deviates from the performance of its underlying index, due to factors like fees and cash drag, can influence its price.

Liquidity of Underlying Assets: The liquidity of the Brazilian equities held by the ETF affects the ETF's ability to accurately reflect their value. Less liquid assets can create pricing inefficiencies.