Investor appetite for leverage is through the roof: 10 largest US leveraged equity ETFs have attracted +$12 billion in inflows over the last month. This is despite the market cap of these funds falling -$20 billion over the same period. Recent inflow growth has been led by the 3x leveraged long Semiconductor ETF, SOXL, which attracted +$9 billion over the last 2 weeks, its largest 2-week inflow on record. The 3x leveraged long Nasdaq 100 ETF, TQQQ, posted +$1.3 billion in inflows, its 2nd-largest 2-week intake of 2026. Over the last 5 months, the 10 largest US leveraged equity ETFs have attracted +$19 billion in inflows. Investors are piling into leveraged ETFs at a record pace.