Flow in the iShares Real Estate ETF is relatively bullish, with a block of Jan-09 calls bought to open, and a vertical put spread sold, likely to close. The ETF is currently trading near 37.00 and 5000 Jan 37 calls were bought for $1.80 tied to a $36 hedge, followed by a sale of 4700 Jan 28-35 put spreads for 1.80. The calls open a new position, and the put spread may lock in a loss on the same trade, bought last week for 2.45 when shares were slightly higher.