The U.S. market for single-stock leveraged ETFs (funds that amplify daily stock moves) is undergoing a sharp contraction after a speculative boom. Average assets under management fell 76.7%, from $272 million at the end of 2024 to $63.3 million currently, according to Morningstar Direct, while 63 related funds have closed and liquidated so far this year, compared with three in all of 2025. Half of the market now holds less than $7 million, well below the $50 million to $100 million generally considered necessary for a new fund to survive its first one to two years and reach breakeven. Analysts say the sector has become saturated, with capital concentrated among a few leading issuers and newer products increasingly targeting smaller companies, niche themes and recently launched AI ETFs. The liquidation of GraniteShares' 2x Lucid Group ETF after Lucid's stock fell approximately 51% on July 14 underscored the risks. Despite the downturn, Corgi Invest launched 127 new single-stock leveraged or inverse products this year and plans more, although each has attracted about $1 million on average. The market is now in a painful consolidation phase in which only a limited number of scaled, recognizable products are likely to survive.