Interest rates have been the focus on 2023 so far (to the surprise of no one). One way to trade interest rates is by using ProShares Ultrashort 20+ Year Treasury Bond ETF (TBT). TBT moves with the direction of rates (yields) and opposite the direction of bond prices. With rates the highest they’ve been in years, a trader sold a block of June puts in TBT. This position doesn’t need rates to keep going higher, as it will work out if rates stay steady over the next few months.