Underlying Index Performance: The price of RPD-U.TO is directly tied to the performance of the S&P 500 Index. When the S&P 500 rises, RPD-U.TO typically increases proportionally.

Leverage Factor: RPD-U.TO is a leveraged ETF, aiming for twice the daily performance of the S&P 500. This amplifies both gains and losses compared to a non-leveraged index fund.

Management Fees & Expenses: The ETF's expense ratio and any trading costs incurred by the fund manager reduce the overall return and can subtly affect its price relative to the underlying index's performance.

Supply and Demand: Market forces of supply and demand for RPD-U.TO shares can influence its price, particularly during periods of high trading volume or market volatility.

Compounding Effect: Due to the daily leverage, returns are compounded daily. This can lead to deviations from a simple 2x multiple of the S&P 500's longer-term performance.

Interest Rates: Changes in interest rates can impact the cost of borrowing used to achieve the leverage, potentially affecting the ETF's profitability and price.

Market Sentiment: Overall investor sentiment towards the stock market and risk appetite can drive demand for leveraged ETFs like RPD-U.TO, impacting its price.

Volatility: Higher market volatility can lead to larger price swings in RPD-U.TO due to its leverage, attracting both speculators and investors seeking amplified returns.

Tracking Error: The ETF may not perfectly track 2x the daily performance of the S&P 500 due to various factors, leading to a degree of tracking error that can affect its price.

Rebalancing Costs: The fund manager must rebalance the portfolio regularly to maintain the 2x leverage target. These transactions incur costs that can slightly impact the ETF's overall return and price.