Notable bearish activity in this ETF designed to track Emerging Market performance. Shares down 2% near 41.55 and aggressive put buyers lifted more than 4500 March 40 Puts for $3.45, after earlier lifting several thousand 40 strike puts in December and January expirations. Within the first 45minutes of trading we have more than 12,000 puts on the tape and just over 1000 calls for a put/call of nearly 12, versus usual ratio closer to 2. Nearly 80% of the put activity offerside, and iv up several points. Flow suggests one or more large accounts looking for downside potential in this segment, with a priority in quickly establishing this bearish position.