SPXS11.SA's price is primarily driven by the performance of its underlying asset, the S&P 500 index. It aims to deliver triple the inverse daily performance of this index.

S&P 500 Performance: The core driver; declines in the S&P 500 should theoretically increase SPXS11.SA's value, and vice versa. However, due to daily resets, this relationship degrades over longer periods.

Volatility: Higher market volatility can erode the fund's value through a phenomenon known as volatility drag, particularly in choppy markets where the S&P 500 experiences frequent up and down swings.

Interest Rates: Changes in interest rates can indirectly influence the price as they affect market sentiment and valuations, which subsequently impact the S&P 500.

Fund Management Costs: The expenses associated with managing SPXS11.SA, including management fees and operational costs, are deducted from the fund's returns, slightly reducing its overall performance.

Supply and Demand: Market demand for SPXS11.SA shares relative to the available supply can create price discrepancies between the fund's market price and its net asset value (NAV).