US small-caps, particularly the Russell 2000 index, have experienced significant gains recently. The Russell 2000 reached 20-day highs and its highest level since January 2022. Small caps have outperformed large caps, with notable increases in trading volume and positive sentiment. Small-cap ETFs saw substantial inflows, and there is a strong focus on options trading related to small-cap stocks. The market is witnessing a notable rotation towards small-cap stocks, with small caps showing remarkable performance compared to large caps.