Index, ETF option volumes near midday

Total option volume tops 6.1 million so far today while hedging again seems to be leading activity in the indexes and ETFs, according to optionMONSTER's data systems.

The SPDR S&P 500 Fund (SPY) has 505,000 contracts traded, with 308,000 puts. The SPDR Financial Fund (XLF) is not far behind with 429,000, and fewer than 10,000 are calls.

The iShares Russell 2000 Fund (IWM) has 215,000 contracts changing hands, with 126,000 puts. The S&P 500 Index (:SPX) options have turned over 196,000 times, with a put/call ratio of 3 to 1.

Just behind are the CBOE Volatility Index (:VIX) options at 187,000, led by 152,000 calls. Next up are the iPath S&P 500 VIX Short-Term Futures ETN (VXX) with volume of 116,000 and 99,000 calls.

The PowerShares QQQ Trust (QQQ) has 93,000 options traded, with 58,000 puts. Following closely are the SPDR Gold Shares Fund (GLD) with 91,000, and the iShares Silver Fund (SLV) follows with 87,000. Both have slightly more calls than puts.

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