Let S be a Noetherian scheme of finite dimension and denote by ρ ∈ [½, Gm] SH(S) the (additive inverse of the) morphism corresponding to −1 ∈ O × (S). Here SH(S) denotes the motivic stable homotopy category. We show that the category obtained by inverting ρ in SH(S) is canonically equivalent to the (simplicial) local stable homotopy category of the site S rét , by which we mean the small realétale site of S, comprised ofétale schemes over S with the realétale topology.One immediate application is that SH(R)[ρ −1 ] is equivalent to the classical stable homotopy category. In particular this computes all the stable homotopy sheaves of the ρ-local sphere (over R). As further applications we show that D A 1 (k, Z[1/2]) − ≃ DM W (k)[1/2] (improving a result of Ananyevskiy-Levine-Panin), reprove Röndigs' result that π i (½[1/η, 1/2]) = 0 for i = 1, 2 and establish some new rigidity results.