Nasdaq-100 Index Performance: The primary driver is the performance of the Nasdaq-100 index, which QQQI11.SA aims to replicate. Ups and downs directly impact the ETF.

Brazilian Real vs. US Dollar: Currency exchange rates between the Brazilian Real (BRL) and US Dollar (USD) influence the ETF's price, as it invests in US assets. A weaker BRL decreases returns.

Fund Management Fees & Expenses: Management fees and operational costs charged by the fund issuer detract from returns, affecting the ETF's value over time.

Supply and Demand for QQQI11.SA Shares: Market demand for the ETF itself can cause price fluctuations, independent of the underlying index. High demand can drive up the price.

Changes in Tax Regulations: Tax laws in Brazil regarding investments in foreign assets can impact the attractiveness and thus the price of QQQI11.SA.

Global Economic Conditions: Broad economic events like recessions, interest rate changes, and geopolitical events can indirectly influence investor sentiment and the Nasdaq-100 index.