Looking at options trading activity among components of the Russell 3000 index, there is noteworthy activity today in PepsiCo Inc (PEP), where a total volume of 37,274 contracts has been traded thus far today, a contract volume which is representative of approximately 3.7 million underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 65.9% of PEP's average daily trading volume over the past month, of 5.7 million shares..