Currently orderly, but a breakdown would be a major sell signal for the broader market.

Spreads remain tight but cracks are appearing in lower-tier private markets which could impact broader high-yield credit.

This ETF is being monitored as a broad risk barometer. While currently stable and near a multi-year high, a sharp downturn would be a major red flag that stress is spreading to the wider credit market.

Mentioned as a bearish indicator. Its downward trend signifies weakening credit markets, a red flag for a potential market deleveraging event.

The low credit spreads seen in public high-yield markets (like HYG) may be distorted and not a true reflection of risk, partly due to the influence of the private credit boom.

Weakness in this ETF is a classic sign of stress in the credit markets. A sell-off in HYG often precedes a downturn in the stock market, making it a key indicator to watch.