Protection Purchased on the S&P 100 (OEF)

Shares of the iShares S&P 100 Index Fund OEF are higher on the session by 0.42%, currently trading at $50.02. The ETF has been rallying as of late; the chart looks to possibly be forming a reverse head and shoulders bottom. Options traders are buying protection on the ETF today, though it does look like hedges to long shares. The September $50.00 put was purchased 1,250 times, near the offer, a short while ago; open interest on the strike is only 185 contracts. This signals new, bearish positioning on the strike. Put volume is now running at 48x the daily average. The iShares S&P 100 Index Fund seeks investment results that correspond generally to the price and yield performance of the Standard & Poors 100 index. The fund invests at least 90% of assets in the securities of the underlying index or in American Depositary Receipts (ADRs), Global Depositary Receipts (GDRs) or European Depositary Receipts (EDRs) representing securities in the underlying index. It uses a replication strategy in order to track the S&P 100 index, a subset of the S&P 500 consisting of blue chip stocks from diverse industries. The fund is nondiversified.