How badly would a 34% QQQ drop affect my $10k TQQQ position?

Hi everyone, I'm trying to understand the mechanics of leveraged ETFs, specifically TQQQ (the 3x leveraged version of QQQ). I'm looking at potentially investing $1,000,000 and want to understand my maximum downside risk. My specific question: If I invest $10k in TQQQ and the underlying QQQ drops 34%, would I essentially lose my entire investment due to the 3x leverage? Some additional context: * I understand this is a leveraged ETF that aims for 3x daily returns * I'm specifically interested in understanding the mathematics behind the losses * Looking to understand if the 3x leverage means a 34% drop = 102% loss * Want to know if there are any mechanisms that might prevent a complete wipeout Would appreciate any insights from those familiar with leveraged ETFs, especially regarding: 1. How the daily rebalancing might affect this scenario 2. If there are any circuit breakers or other protections 3. Real-world examples of similar scenarios if they exist Thanks in advance for any help in understanding this better.