Options traders have been using industrial exchange traded funds (ETFs) to bet against the sector following quarterly earnings from bellwether and Dow component General Electric (NYSE: GE).

Street One Financial analysts in a note said they saw put activity in Industrial Select Sector SPDR Fund (NYSEArca: XLI) on Thursday after GE’s results. [General Electric Weighs on Dow, Industrial ETFs.]

Options players “seem to be extending a bearish position in the sector out an additional month, and to a higher strike in the puts,” Street One said on Monday.

The analysts noted the industrial ETF has outperformed the broad market year to date, rising 7.9% versus 6.4% for the S&P 500.