The US leveraged ETF market trading volume is exploding: The total notional trading volume across US-listed leveraged and inverse ETFs surged to $90 billion on Tuesday, the highest on record. This figure has more than TRIPLED over the last 12 months. To put this into perspective, this represented ~50% of all assets under management across the entire leveraged and inverse ETF universe. The 3x leveraged short semiconductor ETF, SOXS, alone traded over 1.3 billion shares, the 3rd-largest single-session volume for any US-listed ETF over the last 20 years. This is only behind the 2x leveraged long Nasdaq 100 ETF, QLD, and the 2x leveraged long S&P 500 ETF, SSO, both of which set their records during the 2008 Financial Crisis. Risk appetite has never been higher.(The Kobeissi Letter)