Leverage is skyrocketing in this market: US leveraged ETFs have attracted +$15 billion in inflows over the last month, their largest 1-month rolling inflow in at least 2 years. This marks a sharp reversal from -$2 billion seen in early October. By comparison, during the April 2025 market recovery, this figure peaked at +$12 billion. The surge has been primarily led by retail investor demand for leveraged tech equity ETFs. The 3x leveraged long Semiconductor ETF, SOXL, alone attracted +$7.3 billion in October, its largest monthly inflow on record. Retail investors are aggressively piling into leveraged equity ETFs.