The SPDR S&P 500 Fund (SPY) only has 435,000 contracts traded, 252,000 of which are puts. Not far behind are the PowerShares QQQ Trust (QQQ) options with 338,000, with puts outpacing calls by almost 6 to 1. The S&P 500 Index (SPX) is the only other name on our list to break the 100,000 mark, with 136,000 trading at a put/call ratio of 2 to 1.
The iShares Russell 2000 Fund (IWM) has seen 89,000 options change hands, also with a put/call ratio of better than 2 to 1. The iShares Emerging Markets Fund (EEM) has 71,000 contracts turning over, with puts just slightly outnumbering calls.
The SPDR Gold Shares Fund (GLD) has 45,000 options traded, with calls trading a bit more than puts. The iPath S&P 500 VIX Short-Term Futures ETN (VXX) has only 30,000 contracts moving, and they are evenly split. And the CBOE Volatility Index (VIX) also trades just 30,000 options, with calls outpacing puts by 2 to 1.
— Option Monster