We saw some signs of bullish options flows in a number of sector exchange traded funds on Wednesday as equity markets reversed the previous day’s rally.

For instance, out of the money call buyers appeared in SPDR S&P Retail (NYSEArca: XRT), Industrials Select Sector SPDR Fund (NYSEArca: XLI) and Consumer Discretionary Select Sector SPDR Fund (NYSEArca: XLY).

The weakness in the market seems to have attracted “value buyers” whom do not seem daunted by the relatively high VIX level, and they want to own upside calls in the case of a furious snapback rally.

With sector ETFs options trading actively in yesterday’s session, this presents an opportunity to speak about ALPS Equal Sector Weight ETF (NYSEArca: EQL).

EQL is designed to invest in equal proportions of the nine Select Sector SPDR Indexes, which are materials, consumer discretionary, energy, industrials, technology, financials, healthcare, utilities, and consumer staples.

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