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3x ETFs During Market Drops - SPXL/TMF Rebalance Strat

What really happens to 3x etfs during market drops? DO they ever collapse entirely? I ask with regard to a spxl tmf rebalance strategy. The 3x etfs weren't around during the 08-09 crash so its impossible to see how they held up, up a theoretical test of spy and tlt with leverage works.