Fund Performance: How SHPH11.SA's underlying holdings perform directly influences its price. Superior returns attract investors, increasing demand and price.

Market Sentiment: Broad market optimism or pessimism impacts investor confidence and SHPH11.SA's valuation. Positive sentiment boosts demand, while negative sentiment reduces it.

Interest Rates: Rising interest rates can make fixed-income alternatives more attractive, potentially decreasing demand for SHPH11.SA and lowering its price. Lower rates can have the opposite effect.

Currency Fluctuations: Since SHPH11.SA may hold international assets, currency exchange rates can influence its value. A stronger Brazilian Real can increase the fund's value in local currency terms.

Economic Conditions: Brazil's economic health, including GDP growth, inflation, and unemployment, affects the performance of companies within SHPH11.SA and, consequently, its price.

Fund Flows: Large inflows of money into SHPH11.SA can drive up its price due to increased demand. Conversely, significant outflows can put downward pressure on the price.

Sector Performance: The performance of the specific sectors represented in SHPH11.SA’s portfolio heavily influences its value. If a large portion is in a struggling sector, the fund may decline.

Investor Demand: General investor appetite for riskier assets or specific investment themes reflected in SHPH11.SA's holdings impacts demand and price.

Expense Ratio: Although the expense ratio doesn't directly change the price, a high expense ratio can deter investors, indirectly affecting demand and, over time, the fund's growth and price.

Regulatory Changes: New laws or regulations affecting the Brazilian market or the specific sectors in which SHPH11.SA invests can influence investor sentiment and its price.