Bearish flow noted in Focus Morningstar Large Cap Index ETF with 10,183 puts trading, or 8x expected. Most active are Apr-25 8 puts and Jul-25 8 puts, with total volume in those strikes near 8,400 contracts. The Put/Call Ratio is 3.35, while ATM IV is up nearly 3 points on the day. Earnings are expected on January 30th.
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