Underlying Index Performance: TFJL.US is leveraged, so its price is highly sensitive to the performance of its underlying index, the Russell 2000. Significant positive or negative movements in the Russell 2000 will be amplified in TFJL.US's price.

Leverage Factor: As a leveraged ETF, TFJL.US aims to deliver three times the daily performance of the Russell 2000. This leverage magnifies both gains and losses compared to a non-leveraged index fund.

Market Sentiment: Overall market sentiment and investor risk appetite greatly influence leveraged ETFs. During periods of optimism, investors are more likely to invest in leveraged products, driving up demand and price. Conversely, fear and uncertainty can lead to rapid sell-offs.

Volatility: High volatility in the Russell 2000 can erode TFJL.US's returns due to the effects of compounding. Even if the index ends up unchanged over a longer period, the ETF may experience losses due to daily resets.

Expense Ratio and Trading Costs: The ETF's expense ratio and any trading costs associated with buying or selling shares will impact the overall return and affect its price relative to its theoretical value.

Supply and Demand: Basic economic principles of supply and demand also apply. Increased demand for TFJL.US shares will push the price higher, while increased selling pressure will lower the price.