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February 26, 2013  Tue 9:13 AM CT

A large put spread tops today's option activity in the iShares Emerging Markets Fund this morning.

optionMONSTER systems show that a trader bought 25,200 April 41 puts for the ask price of $0.49 in volume that was twice the open interest before today's trading began, indicating new activity. Seconds later, he or she sold 24,824 April 42 puts for the bid price of $1.08 against open interest of 105,000 at that strike.

This could be a credit spread that is looking for the EEM to remain above $43, but it is more likely a roll lower, with the trader getting out of the at-the-money puts to take money off the table while protecting a long stock position. (See our Education section)

The EEM is up 0.47 percent to $42.91. The exchange-traded fund had fallen from above $45 at the start of 2013 to yesterday's close of $42.70, its lowest since early December.

More than 79,000 total EEM options have traded so far today.
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