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)
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.
