/biz/ - Business & Finance

I think we can all agree that triple leveraged ETFs are the supreme stock market hack that with a small up front investment all but guarantees a bounty in the many millions of dollars over the medium term.
One can even backtest a daily rebalanced S&P or Nasdaq investment (SPXL, TQQQ) over the last few decades and with a fairly short time frame something like 100k can be turned into literally 100s of millions. 30 years of TQQQ starting with 100k would probably be close to 100 million dollars.
Of course the only problem is leveraged 3x ETFs have only been a thing for about 10 years now. However, futures have existed for a long time before that and mimicking a 3x leveraged daily rebalanced position in the S&P or Nasdaq has been available to retail investors since probably the 70s.
WHY HAS NO ONE DONE THIS? NOT A SINGLE PERSON has come forward having done this strategy. They would have since they would have crushed the market over the long term and put all other fund managers to shame with something like a 50% CAGR over the long term.
Why is this not a thing? Nobody ever thought of it before?