For some investors, financial planning now means holding a leveraged ETF until Thursday.

ETFs that offer two- and three-times the daily market exposure to underlying investments, or are structured to bet against those investments, have been gaining popularity across the broader investing universe. According to VettaFi, there are now approximately 770 leveraged and inverse ETFs on the market in the United States. When it comes to ramping up portfolio performance through exchange-traded funds that leverage exposure to an underlying index or single stock, however, most financial advisors are waving the caution flag.

“Issuers are launching products tied to whichever single stock or sector happens to be capturing the zeitgeist,…