With the bond market in focus this year, there’s been plenty of options action in iShares 20+ Year Treasury Bond ETF (TLT). The long-term bond fund is the most active of the treasury bond ETFs, trading around 180,000 options per day on average. A large trader or fund placed a very interesting spread trade last week that looks extremely bullish for bonds (bond prices, not yields). This ratio call spread, as it’s called, could profit if bond prices rebounded significantly by June of next year.