Paper bought 10,000 XRT April1 45/43 put spreads for .58 & 10,000 of the regular April 45/43 put spreads trade .61.?
The SPDR S&P Retail ETF, trading 45.51 (up .59) with an IV30 of 19.52 and an HV10 of 9.46, saw a couple of large put spreads trade.? The ETF, with ADV of just under 20k and an OI of 360,000 contracts, saw two ATM puts spreads purchased today.? A customer bought 10,000 of the April1 45/43 put spreads for .58 and 10,000 of the regular April 45/43 puts spreads trade .61.? Prices for the trades were 10,000 of the Apr1 45 puts .80 against 10k of the Apr1 43 puts at .22 and 10,000 of the April regular puts bought for 1.07 and 10,000 43 puts sold at .46
Both of these trades appear to be either hedges or plays on XRT weakening.? Either way this paper appear to be making a bet that there is some risk of XRT falling in the next few weeks somewhere between 45 and 43.
This trade should be considered bearish XRT and mildly bullish XRT vol