Total option volume is relatively light at 5 million contracts as hedging appears to be leading the action in indexes and ETFs ahead of the Fed announcement, optionMONSTER's data systems show.
The SPDR S&P 500 Fund (SPY) has 761,000 options traded, led by 535,000 puts. The S&P 500 Index (SPX) is next with 351,000, included 257,000 puts. The CBOE Volatility Index (VIX), which is derived from those SPX options, sees 207,000 options trade with 162,000 calls.
The iShares Russell 2000 Fund (IWM) has 160,000 contracts changing hands, with 123,000 puts. Just behind are the PowerShares QQQ Trust (QQQ) options with 154,000 and a put/call ratio of just shy of 3 to 1.
The iShares Brazil Index Fund (EWZ) has 127,000 contracts traded, with slightly more puts than calls. The SPDR Gold Shares Fund (GLD) is seeing 113,000 trade, with 69,000 calls. The iShares Silver Fund (SLV) has 73,000 options turning over, with 40,000 puts.
