1/4 How stressed are markets? By this metric, the most in 17 years. --- SPY = The S&P 500 Index Trust. This was the first ETF created in 1993 and is one of the largest at 575 billion. ---- The middle panel is SPY's Net Asset Value (NAV). The price closed at a 90-basis-point premium to the underlying value of the assets. The last time anything like this happened was 2008. To emphasize, not even in the crazy days of 2020 did its divergence get this big.