iShares iBoxx $ High Yield Corporate Bond ETF (NYSE:HYG) is the ETF that tracks high-yield bonds.

On CNBC’s "Options Action," Mike Khouw of Optimize Advisors said puts were outpacing calls by over 2-to-1 on HYG Corporate Bond ETF on Monday.

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There was a buyer of 15,000 of the April 72/69-put spreads at an average price of $0.41 per contract, Khouw mentioned.

The trader expects HYG Corporate Bond ETF retesting pandemic lows by April expiration.

Price Action: HYG Corporate Bond ETF gained 0.67% to close at $74.67 on Monday.

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