Underlying Index Performance: SPXL's price is directly tied to the S&P 500's performance. Since it's a 3x leveraged ETF, price fluctuations are amplified.

Leverage Decay: Daily resets in leverage can erode long-term returns, especially during volatile periods. Sideways market action can negatively impact SPXL's price.

Market Volatility: High market volatility can lead to larger swings in SPXL's price, increasing both potential gains and losses. Increased volatility tends to accelerate leverage decay.

Interest Rates & Funding Costs: SPXL incurs costs to maintain its leveraged position. Higher interest rates increase these costs, potentially impacting returns.

Supply and Demand: Basic supply and demand for SPXL shares themselves can influence its price, especially during periods of high trading volume.

Expense Ratio: The ETF's expense ratio, while relatively small, reduces the overall return over time.

Rebalancing Costs: The fund's rebalancing activities to maintain its 3x leverage incur costs, which can affect the overall price and performance.

Investor Sentiment: Overall market sentiment and risk appetite influence demand for leveraged ETFs like SPXL. Optimism tends to drive prices up, while pessimism drives them down.