Retail investors now generate just over one-fifth of U.S. listed-options volume, the largest share on record, according to a JPMorgan analysis reported by the Wall Street Journal. The bank estimates individual traders accounted for roughly 21% of recent options activity, surpassing the peak reached during the 2021 meme-stock frenzy. The jump in retail participation comes as risk appetite broadens across markets. ETF analyst Eric Balchunas noted that about 25% of new U.S. exchange-traded funds launched this year include leveraged exposure, the highest proportion since 2010, and said the reopening of the previously shuttered MEME ETF underscores investor demand for speculative products.