Last week, we saw a substantial amount of options activity in the iShares iBoxx $ High Yield Bond ETF (HYG). HYG is a very popular ETF used for tracking junk bonds (aka high yield bonds). The ETF normally has about 220,000 options contacts that trade per day on average, but on a busy day last week it traded over 600,000 contracts. On that day, 97% of the action was in puts. Normally that would be considered bearish, but it looks like most of the large put block trades were done as hedges rather than for speculative purposes.