Investors are hedging less. The 1-month put-to-call skew is down to 1.15 points, the lowest since April 2025. This metric measures how much more investors are paying for downside protection against a stock market drop compared with bets on further gains. Skew has fallen -0.13 points over the last 4 weeks, a similar decline to the one seen in April 2025 following the "Liberation Day" selloff and subsequent tariff pause relief rally. Furthermore, the 3-month call skew is up to 0.9 points, the highest in at least 12 months. This metric measures how much more investors are paying for far-out-of-the-money call options, which only pay off in a large market rally, compared to at-the-money calls. Investor risk appetite is off the charts.