BREAKING: Leveraged long equity ETFs assets have dropped 15 billion so far this quarter, to 80 billion, the lowest since Q1 2024. In other words, nearly 75% of AUM gains over the last 3 quarters have been erased. However, total assets in leveraged long funds are still 2.5 TIMES larger than the Q3 2022 low of 32 billion. Meanwhile, leveraged short ETF assets have risen by ~800 million, to 9.3 billion. Therefore, for 1 in leveraged short ETFs, there are 9 in leveraged long ETFs, down from 11 at the end of 2024. Despite the selloff risk appetite is still elevated.