iShares Emerging Markets Fund (EEM) is flat at $44.87 and 23,000 EEM Jun 43 puts were recently sold at $1.84 each. Another 35,000 were sold earlier at $1.90 per contract. One or more investors might be unwinding hedges. Volume in the June 43 put, which is 4.2 percent out-of-the-money, is now 71,425 vs. 106,365. Implied volatility in the EEM was up 24 percent over the past two days and is down 2 percent to 25.5 midday Thursday.