Real Estate Market Conditions: The underlying performance of the real estate assets held by the fund significantly impacts its price.

Interest Rate Fluctuations: Changes in interest rates can influence the attractiveness of real estate investments, affecting demand for the ETF.

Economic Growth: A stronger economy typically boosts real estate values and rental income, leading to higher ETF prices.

Inflation: Rising inflation can impact real estate values and rental yields, potentially influencing the ETF's price.

Investor Sentiment: Market optimism or pessimism toward real estate can drive buying or selling pressure, affecting the ETF's value.

Fund Management Fees: The expenses associated with managing the ETF can indirectly affect its performance and price.

Supply and Demand: The balance between buyers and sellers of the ETF directly impacts its market price.

Regulatory Changes: Government policies related to real estate and taxation can influence property values and the ETF's price.

Currency Exchange Rates: Fluctuations in the value of the Brazilian Real can affect the ETF's returns for foreign investors.