Fund Performance: The underlying performance of the metaverse-related assets held by the ETF directly impacts its price. If the companies in the metaverse space are thriving, the ETF price tends to rise.

Market Sentiment: Overall investor optimism or pessimism toward the metaverse and related technologies significantly influences META11.SA demand, thus affecting its price.

Interest Rates: Changes in interest rates, especially in Brazil, can affect investment choices. Higher rates can make fixed-income investments more attractive, potentially decreasing demand for riskier assets like META11.SA.

Regulatory Environment: Government regulations or potential regulations affecting the metaverse, blockchain, or related technologies can impact investor confidence and the ETF's price.

Global Economic Conditions: Broader economic health, including global growth and inflation, affects investor appetite for speculative investments like metaverse-related ETFs.

Fund Flows: Large inflows or outflows of capital into or out of META11.SA can influence its price due to supply and demand dynamics.

Competition: The emergence of competing ETFs focusing on similar or alternative investment themes can divide investor attention and affect META11.SA's demand.

Exchange Rate Fluctuations: Fluctuations in the Brazilian Real (BRL) against other currencies can affect the price when viewed from an international perspective.