The iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD) is a popular asset allocation ETF for those wanting exposure to corporate bonds. Many asset allocators have at least a portion of their portfolio in corporate bonds (non high-yield variety), so LQD sees a lot of options action. Last week, a strategist bought over 40,000 put spreads in LQD expiring in April. This position is likely a hedge against a tail-risk event in corporate bonds, and less likely to be a speculative directional trade.