Leveraged trading activity is skyrocketing: Assets under management (AUM) for US leveraged exchange-traded products (ETPs) hit a record $119 BILLION in July. By comparison, the 2021 peak before the 2022 bear market was ~$78 billion. Over the last 3 years, assets in ETPs have tripled. In 2025, more than 100 leveraged or inverse products have launched in the US, surpassing the previous record of 73 posted in 2024. The expansion of leveraged products is unprecedented.