Put volume has been heavy on the SPDR S&P Retail (NYSE: XRT) exchange-traded fund (ETF) today, with the security's July 22 and 24 strikes seeing volume of 25,500 contracts, and 71,000 contracts, respectively. Within this volume, I uncovered a short ratio vertical put spread, with the trader betting on XRT to hold above the 26 level through option expiration on July 17. The ETF is currently hovering near $26.16 per share, making this play neutral-to-bullish in nature.

Specifically, a block of 25,000 contracts traded at 11:54 Eastern time on XRT's July 22 put for the ask price of $0.05. This block traded on the Chicago Board Options Exchange (CBOE), and was marked "spread." The other half of this position is located on XRT's July 24 put, where a block of 50,000 contract changed hands at the same time on the same exchange for the bid price of $0.10.

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