The CBOE Volatility Index rose sharply, nearly topping the 30s level on Wednesday.

On CNBC’s "Options Action," Brian Stutland of Equity Armor Investments said iShares iBoxx $ High Yield Corporate Bond ETF (NYSE:HYG) traded at 2x average daily volume on Wednesday.

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There was a seller of 62,000 of the April 72-puts at an average price of $0.95 per contract, Stutland mentioned.

The trader sees a decline in volatility and projects HYG to remain above the 72 level through April expiration.

Price Action: CBOE Volatility Index jumped 10.2% to close at $26.14 on Wednesday, while HYG Corporate Bond ETF fell 0.33% to $73.33 during the session.

What is CBOE Volatility Index?

The CBOE Volatility Index, popularly known as VIX, is a measure of the equity market's expectation of volatility based on S&P 500 index call and put options.

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