Could this be an insane little risk investing strategy over the long run? I’m new to these direction daily ETF’s

Basically there are these new ETF's called direction daily that try to multiply a stocks earnings and losses. For example, there is the direxion daily S&P500 bull 3x(SPXL) that pretty much 3x's the s&p 500 gains/losses. This last year the S&P went up 22%, this 3x direction daily stock went up 59%, which comes out to 2.68 times the S&P 500's gains.

If people view the S&P as a safe bet in the long term that consistently produces 9-10% returns on investment, could I just put my money into these 3x etf's and make anywhere from 20-30% year over year? Where's the risk involved in the long run? I just don't know too much about how these ETF's work and if there are other cons to investing in them. Perhaps somebody here would know more? Or would know another reddit be page that would know more?

Because if this stuff is legit this thing could be the best wealth creation tool ever to exist. Every investor dreams of having year over year returns like Warren buffets 23% anual compounding rate. If I put 100,000 dollars into this thing and I got a 26.8% return and kept this thing in there for 30 years, I would have 124 million dollars!