The iShares Dow Jones Real Estate Index Fund (IYR) saw double its normal options trading volume with help from bearish spread trading Tuesday. IYR is an exchange traaded fund that holds 80 different securities incluiding a number of real estate companies and Real Estate Investment Trusts [REITs]. Shares rose 78 cents to $64.21 Tuesday. Sentiment in the options market was less bullish, however, as a player appears to have opened a substantial bear put spread by purchasing 8,500 of October 61 puts for $2.35 a contract and selling two blocks (4,250 contracts each) of October 57 puts for $1.17 and $1.18. All three trades happened on the NYSE just before 3:30 Eastern time. With open interest of 104 contracts in the 61s and 183 contracts in the 57s, the activity has all the characteristics of an opening bear put spread. If so, the strategist is risking approximately $1.17 per spread and has a potential payoff of $2.83 if the fund closes for $57 or less by October options expiration (45 days).