Retail's risk appetite is skyrocketing: Retail investors bought +$150 billion of the 100 largest US equity ETFs over the last month, the 2nd-highest reading on record. This is only below the +$170 billion posted in December last year. Retail monthly purchases have more than quadrupled since March. Furthermore, individual investors purchased over $20 billion of the 110 largest US corporate bond ETFs over the last month, near the highest on record. Similar levels of purchases were also seen in February and October 2024. Retail continues to pile into this market.