Exposure to leveraged and inverse ETFs listed in the US hit a new record, net $464 billion, according to Goldman Sachs.

3x leveraged products alone total $320 billion.

The recent surge is what's noteworthy.

The curve exploded almost vertically, a sign of aggressive risk appetite precisely when the market is operating near highs.

This connects directly to the data showing ETFs gaining volume share during high volatility: investors aren't just using more ETFs, they're using the most aggressive ones.

This fuels rapid movements in both directions and amplifies any correction when the wind changes.