On June 9, US-listed leveraged and inverse ETFs recorded $90 billion in notional trading volume. That’s a single-day record, and it’s not even close to what came before.

To put that figure in perspective: the $90 billion traded in one session represents approximately 50% of the total assets under management across the entire leveraged and inverse ETF universe.

A sector running on adrenaline

The number isn’t just big in isolation. It’s more than triple the daily volumes seen one year earlier.

Leveraged ETFs are designed to amplify the daily returns of an underlying index or sector, typically by 2x or 3x. Inverse ETFs do the same thing in reverse, letting traders profit when markets fall.