15.2 million calls and 4.4 million puts traded so far, yielding a total put-to-call ratio of just 29. However, heavy ex-div trading in a handful of exchange-traded funds is distorting the ratio. Call volume in the iShares Emerging Markets Fund (EEM) is approaching 5 million. 3.3 million calls have traded in the iShares Brazil Fund (EWZ). iShares MSCE EAFE Fund (EFA) is also subject to ex-div trades.