iShares Emerging Markets Fund puts lead calls 7:1 as the shares tick lower
iShares Emerging Markets Fund puts lead calls 7:1 as the shares tick lower. The ETF down 23c to $46.26 and one player buys 50.5K Mar 43.5 puts for $1.01. The block, representing $5.1M in premium and $233.5M in Notional Value, is likely a portfolio hedge for fear of increased volatility across global equities markets through the first quarter 2018. Another big trade in the product is 40K Dec 46 - Jan 45 put spreads for 18c. The investor is apparently liquidating 40K Dec 46 puts at 77c opened yesterday for 74.5c and now opening in January, down one strike. Thirdly, Dec 44.5 puts have traded 20K and likely adding to 25.5K opened Thursday. Total volume in the product is 206K puts and 29K calls.