what you get in gamma, you lose it in theta...

decay = 1/2 * N * (N-1) * variance

the question is whether the underlying QQQ is trending or not.

if trending, then 3x will perform better than un-reblanced 3x with margin. if not trending then it is going to under-perform.

 

Long TQQQ is like long a Call option with Lambda of 3 (everyday sell old one and buy a new call with a constant lambda)

 

https://www.globalcapital.com/article/28mwtkmy7wmsvv1c1upz4/derivatives/option-leverage-measure-lambda-vs-delta

 

lambda is like portfolio leverage ratio.

lambda = delta * (stock / option price)

OTM option has low delta but high delta.

ITM or ATM option has high delta but low lambda.