[Retail Investors in U.S. Stock Market Begin 'Aggressively Buying' Put Options, But Underlying Bullish Structure Remains Intact] Odaily Planet Daily News: Since April this year, retail investors' behavior in the U.S. stock market has undergone a fundamental shift. According to data from research firm Vanda Research, although the total direct stock purchases have declined this year, retail investors' buying of put options has surged against the trend. Data shows that for the 12 most popular stocks favored by retail investors in 2026, the volume of put options purchased has nearly doubled compared to the first quarter. Put options, as a basic defensive derivative, grant holders the right to sell the corresponding asset at a predetermined price before a specific date. Vanda's global equity strategist Kaidi Meng confirmed this significant shift in capital flows. She noted that the proportion of put option purchases relative to net cash inflows (the difference between spending on asset purchases and sales) has skyrocketed from approximately 26% to 110%. Regarding the widespread reduction in long positions, industry analysts believe this may represent a concentrated profit-taking move by retail investors after years of successfully employing the 'buy-the-dip' strategy. Additionally, some of the withdrawn funds may have been redirected toward higher-risk ventures, such as speculative stocks, leveraged ETFs, and prediction markets.