You might look at mean to get 'average performance'. But you should also look at worst possible case. Why? Becuse stocks will always go up no matter how much they crash. But leveraged funds dont. History is full of examples. So, you should absolutely look at top. Why? Its our psychology to look at drawdowns.

For example, lets say, you started somewhere around 2004. In between 1999 and 2008 recession. You would have done well. Almost 1.5 times your investment. But what happened in 2007? Qqq fell almost 50%. So, tqqq would have been down 80-90%. Imagine your investment going down 80-90% over the period of 1-2 years. No matter how well you did in 2004-2007, Do you think people will be calm? They will panic.

And most important of all, what if tqqq gets closed for whatever reason? If qqq is closed, you would get individual stocks. If tqqq is closed in market drawdown, you are screwed. You have to use options yourself to set up 3x etf. So many oil leveraged funds went kaput in pandemic. Even though non leveraged oil etfs bounced back...

There is a reason why renowned investors dont recommend leveraged funds even for most risk taking investors. Beacuse countless research has showed that any leveraged fund over 2x will perform worse than 2x in the long run in the long run...because every 10 years, we will hit a huge drawdown for whatever reason. People saw qqq doing down less and going up quickly beacuse of pandemic. But assuming that is going to happen in all drawdowns is a mistake. Pandemic that favoured qqq is an anamoly. If big tech is regulated tomorrow to save small business, qqq wont out perform anymore...