Retail investors are piling into leveraged semiconductor ETFs at an unprecedented pace: Combined daily trading volume in the 3x leveraged short semiconductor ETF, SOXS, and the 3x leveraged long semiconductor ETF, SOXL, has surged to ~330 million shares, the highest in at least 16 months. This daily trading volume has DOUBLED over the last 2 weeks. Trading volume in the 3x leveraged long semiconductor ETF, SOXL, was higher this week than 99% of the time over the last 5 years. Trading volume in the 3x leveraged short semiconductor ETF, SOXS, was also higher than 97% of the time. By comparison, trading volume in the 3x leveraged long S&P 500 ETF, SPXL, and the 3x leveraged short S&P 500 ETF, SPXS, fell to ~90 million shares, near its lowest this year. Risk appetite among retail investors has rarely been higher.(The Kobeissi Letter)