Strangle. Ishares Hong Kong Fund (EWH) is seeing some action. Shares are up 18 cents to $9.69 after the Hang Seng gained 2.5 percent Friday. Some investors in the options market seem to be positioning for heightened volatility in exchange-traded fund [ETF], as large blocks of June puts and calls traded on the offer today. At 10:53 ET, 12,300 June 11 calls traded for $1.00 (bid-ask was 80 cents to $1.00) and 12,300 June 10 puts traded for $1.90 (bid-ask was $1.75 to $1.90). With shares trading at $9.63, the action appears to be the purchase of a rather substantial strangle and one with a bearish bias since the puts are already in-the-money.