The iShares MSCI Emerging Markets ETF (EEM) is an ETF that tracks the performance of publicly traded equities in emerging global markets. Shares of EEM are currently trading around $39.25 in a 52 week range of $36.16-$44.64. The EEM has underperformed U.S. equity markets over the past 12 months with shares losing just under 12%. EEM is on our radar today because of some interesting action in options markets. Earlier a trader bought 53,500 Feb 39 puts for $0.57. This order could represent a short term hedge against an existing position as Chinese manufacturing data released last night was the weakest in the past 6 months. In addition to this huge block of puts a trader also bought 10,000 of the EEM Feb 14th 40-36 put spreads for $0.80. Again, this trader could be hedging an underlying position but both of these trades seem to represent growing uncertainty over emerging markets. With next week’s FOMC Meeting Announcement drawing closer these blocks could also serve a short term event hedges. Either way it is clear that as markets continue to stagnate this year uncertainty and concern is rising.