Although the meme stocks were grabbing the headlines, there was some interesting options activity last week in VanEck Vectors Semiconductor ETF (SMH).  SMH is a popular ETF for tracking the chipmaker industry, with over 30,000 options trading per day on average.  On a day last week when options activity was 2x the normal amount, 65% of the activity was in puts.  That tends to be a bearish sign, however, at least one of the big put spread trades for the day appears to be a hedge against downside risk.