iShares Small Cap Fund (IWM) loses $1.50 to $67.93 and the Weekly [10/28] 63 – 65 – 67 put fly trades at 22 cents, 10000X, and 23 cents, 10000X. Volume in the 65 puts is more than 81K and the flow is opening. The Weekly 63 – 65 – 67 put fly at 22 cents has a downside breakeven at expiration at $66.78 (~1.7%) and a potential $1.78 payoff if shares settle at $65 (~4.3%) at the end of next week. Total volume in IWM today is 101K calls and 463K puts traded in the product and implied volatility in the ETF is up 8.5 percent to 44.