FSPE11.SA is an ETF that tracks the S&P/B3 Brasil ESG Index. Constituent Stock Prices: The price is directly affected by the underlying stocks in the S&P/B3 Brasil ESG Index. If the overall prices of these stocks rise, the ETF price tends to increase, and vice versa.

ESG Factors: Environmental, Social, and Governance (ESG) factors influence the index's composition. Changes in ESG ratings of the constituent companies impact the index and subsequently the ETF price.

Supply and Demand: General market supply and demand for the ETF itself also influence its price. Higher demand tends to push the price up, while increased supply may lower it.

Index Rebalancing: Periodic rebalancing of the underlying index can affect the ETF. Changes in the index's composition, as weaker performing or non-compliant stocks are replaced, influence price.

Market Sentiment: Overall market sentiment towards Brazilian equities and ESG investing plays a role. Positive sentiment can lead to increased investment in the ETF, driving up its price.

Currency Exchange Rates: Fluctuations in the Brazilian Real (BRL) against other currencies can affect the price, especially for foreign investors.