Issuer Performance: The performance of Patria Investments directly affects investor confidence in PATN.US ETFs.

Underlying Asset Value: The net asset value (NAV) of the holdings within the ETF portfolio is a primary driver.

Supply and Demand: Market demand for PATN.US compared to the available supply influences its trading price.

Market Sentiment: Broad investor sentiment towards Latin American investments can move the ETF's price.

Economic Conditions: Macroeconomic factors in Latin America, like GDP growth and inflation, impact underlying asset values.

Interest Rates: Changes in interest rates, particularly in Brazil, where Patria focuses, can affect asset valuations.

Political Stability: Political and regulatory shifts in the region can create uncertainty and price volatility.

Currency Fluctuations: Currency exchange rate movements between the USD and Latin American currencies impact returns.

ETF Management Fees: Fees charged by the ETF manager can slightly affect the ETF's performance and price.

Competitive Landscape: The performance and attractiveness of similar ETFs influence investor choices.