Utility ETF call activity over past week shows a massive upside position of nearly 300,000 contracts, concentrated at the 25 and 26 strikes. ADV in the XLU ETF is nearly 8 million shares, so the 250,000 contracts equates to 3 times the adv in the underlying– not easy to hedge without trading the basket. Buyer may be shorting one or more component stocks- top holdings are EXC, SO, FPL, D, DUK, PCG. Nearly $18million spent on XLU calls in 4 days.