The top options trade so far today is a block of 40000 April 40 puts on the iShares Emering Markets Fund (EEM). The exchange-traded fund is down 4 cents to $41.15 and the put purchase was tied to 1.4 million shares at $41 (delta = 35). EEM holds companies from Brazil, South Korea, and other developing economies. The top holdings are Samsung, Taiwan Semi, and Petrobras. Like US volatility, for example VIX, implied vols in the emerging markets fund have been falling since early Feb, now back into the mid-20s. Today’s premium purchase might be a bet that the trend will change in the weeks ahead.