Underlying Asset Performance: 3SUL tracks the FTSE 100 TR index, so its price closely mirrors the index's movements. Strong FTSE 100 performance drives 3SUL higher, while declines pull it down.

Leverage Factor: As a 3x leveraged ETF, 3SUL amplifies the daily returns of the FTSE 100. This magnification can lead to larger gains when the index rises but also steeper losses when it falls.

Market Sentiment: Overall investor confidence and risk appetite significantly affect leveraged ETFs. Positive sentiment boosts demand and pushes the price up, while fear and uncertainty can lead to selling pressure and price declines.

Interest Rates: Interest rate changes can impact the cost of maintaining the leveraged position. Higher interest rates may increase borrowing costs, potentially slightly reducing returns.

Management Fees and Expenses: The ETF's expense ratio and other operational costs are deducted from the fund's assets, which can subtly impact the overall return and price over time.

Supply and Demand: Basic economics apply. High demand, driven by bullish expectations, can increase the price, while increased selling pressure can drive it lower.

Index Rebalancing: Periodic rebalancing of the underlying FTSE 100 index can lead to slight price adjustments as the ETF's holdings are adjusted to match the index composition.

Tracking Error: Differences between the ETF's actual performance and the 3x leveraged return of the FTSE 100 can occur due to various factors, including transaction costs and portfolio management strategies. These tracking errors can slightly impact the ETF's price.