FEZ Put Spread into French Elections

Paper bought 28,000 FEZ Apr 28 weekly 35.5 puts & sold 28,000 Apr 33 puts for a net debit of 0.65.

SPDR Euro STOXX 50 ETF, trading 35.78 with an IV30 of 32.82 and an HV10 of 7.5, saw a large put spread trade.? The ETF with an ADV of 17,400 and open interest of 901,000 contracts saw a customer buy 28,000 of the April 28^th weekly 35.5 puts paying .75 and against it the trader sold 28,000 of the April 33 puts at .10.? Net the customer bought 28,000 of the FEZ April 35.5-33 put spreads paying.65

This appears to be a large customer hedging off a position against the French elections which are to take place on April 23.? If there is a runoff and/or an outright win by Le Pen market could sell off.? This appears to be hedging against that risk.? The trader is betting that the downside from French elections is at most about 10%.

This trade should be considered bearish FEZ and Bullish FEZ volatility.