Record inflows into levered ETFs: Last week, the S&P 500 sold off by (2.7%), marking the worst weekly percentage drop since April 2025. Despite the volatility and net losses on the week, retail investors stepped in to buy the dip. According to Goldman, on Thursday, leveraged ETFs, which are popular with the retail segment, received record inflows of +$3.3bn. SOXL, a Semiconductor-focused 3X leverage ETF, attracted +$5.1bn in 5-day net inflows, capturing most of the positive buying in the leveraged category; other beneficiaries included TQQQ, SNXX, GDXU and NVDL Across all U.S. equities, the retail imbalance remained positive for the week at +$5.7bn, representing a weekly net buy imbalance of +1.1%. However, Monday saw a net sell skew of ($0.7bn)