Leveraged equity ETF launches are skyrocketing: The number of leveraged equity ETFs just hit a record 701. This figure has DOUBLED over the last 3 years. Year-to-date, ~200 leveraged stock ETFs have launched, the most on record. In total, over 800 different ETFs have launched in 2025, surpassing the full-year record set in 2024. As a result, the total number of US ETFs has exceeded 4,500 for the first time. Risk appetite is through the roof.(The Kobeissi Letter)