Fundamental physical nature of ULXs and their accretion states
Determine the exact nature of the super-Eddington accretion state, the relative proportions of neutron-star and black-hole accretors in the ultra-luminous X-ray source population, and the physical mechanisms governing ultra-luminous X-ray source spectral components, variability, outflows, and epoch-dependent pulsed-fraction behaviour.
References
However, fundamental questions remain: the exact nature of the super-Eddington accretion state, the proportion of neutron star versus black hole accretors in the ULX population, and the physical mechanisms governing their spectral components, variability, outflows, and epoch-varying pulsed-fraction behaviour (for those with detected pulsations).
During some observational epochs of ULXPs, pulsations are not detected (see e.g. \citealt{bachetti2014, israel2017, sathyaprakash2019, rodriguezcastillo2020, bachetti2020, belfiore2024, imbrogno2024}) but the origin (whether physical or largely statistical in nature) of these pulsation non-detections is unknown \citep[and appears not to be related to geometric effects from its orbit in the case of M51 ULX-7, see][]{rodriguezcastillo2020}.
Together, this further disfavours a (thermal) electron-cyclotron origin for narrow features in soft X-rays found in ultraluminous X-ray sources \citep[e.g.,][]{brightman2018}, but remains to be verified at lower fields.
While some ULXs have unambiguously been shown to be NSs in binary systems \citep{bachetti2014,israel2017}, the nature of many other sources is still unclear.