A number of large trades took place in the MSCI Emerging Markets ETF today, as the underlying is down more than 4% and setting a new 52 week low near $36.60. Close to 340,000 contracts have traded by midafternoon, not surprisingly dominated by Put activity. 90 minutes into the day a substantial ratio spread traded on the NYSE, with a customer buying 20,500 October 37 puts against a sale of 12840 October 39 Puts. Underlying was near 37.28 at the time and this appears to be a roll down of a long put position that did well. Two other bearish blocks traded this afteroon, with a buyer of 22,000 Sep 35 puts for 55cents and a buyer of 20,000 Dec 35 puts for $1.91, both on the CBOE. The only size call trade today was a buyer of 25,000 October 44 Calls for 9cents, but the existing open interest suggests this was most likely to close a short-call position.