Underlying Index Performance: 3USL tracks a leveraged index of US equities. If the index rises, 3USL is designed to increase more, conversely if it falls, it will decrease more. Therefore, the performance of these underlying US equities drives its price. Leverage Factor: Being a 3x leveraged ETF, 3USL amplifies the daily returns of the index it tracks. This magnification makes it more sensitive to market movements. Interest Rates: Interest rates influence the cost of leverage. Higher rates increase the cost of borrowing used to achieve the 3x leverage, affecting the ETF's expense ratio and ultimately its price. Market Volatility: High volatility can erode returns in leveraged ETFs due to the daily reset mechanism. The ETF must buy high and sell low to maintain the leverage ratio. Tracking Error: The difference between 3USL's actual performance and the expected 3x return of its underlying index can affect its price, even if the underlying index does well. Supply and Demand: Like any ETF, market forces such as investor demand and supply also affect the price of 3USL. Higher demand usually leads to a price increase, while higher supply causes a price decrease.