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Instead of using diversification to help preserve and grow wealth, leveraged ETFs are enticing some to place risky bets on short-term market swings.By some measures, 2024 was the biggest year yet for leveraged ETFs, which aim to amplify the daily returns of a given underlying asset or index. Taken together, these products saw total assets under management balloon by nearly $40 billion, the largest increase since the first such fund launched in the U.S. back in 2006, according to data from Morningstar Direct. 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