Big Print in the SPDR Retail Trust (XRT) after an investor buys 115K Mar 28 puts at an average of 12.5 cents per contract. Shares are off 8 cents to $35.18 and this premium purchase is likely to create the biggest open interest position in the exchange-traded fund.

Update from Henry Schwartz (11:00): A burst of nearly 400,000 contracts traded near 10am today in downside puts on the XLY, XLB, KRE, and XRT ETFs covering Consumer, Materials, Banks, and Retail sectors. Data shows the trades were buyer-initiated, opening, and non-customer, and are struck about 20% out of the money. Each put was priced below 25c, making total premium outlay just $6.2million, but the notional value these positions may hedge totals nearly $1.2Billion. (Note: Hearing this was a hedge for a variance trade.)