Real Estate Market Conditions: The overall performance of the Brazilian real estate market, including occupancy rates, rental income, and property values, directly impacts the fund's net asset value (NAV).

Interest Rate Changes: Rising interest rates can increase the fund's financing costs and potentially decrease property values, while falling rates can have the opposite effect.

Economic Growth: A strong Brazilian economy typically leads to higher demand for real estate, boosting rental income and property values for the fund.

Inflation: Inflation can affect both rental income and property values, but it can also increase operating costs for the fund.

Fund Management Performance: The skill of the fund's manager in selecting and managing properties, as well as controlling costs, can significantly influence its performance and price.

Investor Sentiment: General investor confidence and appetite for risk can impact the demand for and price of AURB11.SA units, regardless of the fund's underlying performance.

Liquidity: The availability of buyers and sellers in the market for AURB11.SA units can affect its price volatility and trading volume.

Regulatory Changes: Changes in regulations related to real estate investment trusts (REITs) or the real estate market in general can impact the fund's structure, operations, and profitability.

Distribution Yield: The fund's dividend yield relative to other investment options can influence its attractiveness to investors and its price.

Credit Risk: If the fund has significant debt financing, changes in its creditworthiness or the creditworthiness of its tenants can impact its perceived risk and price.