The iShares MSCI South Africa ETF (EZA) doesn’t normally have a lot of options traded on it. However, a 1,500-lot of puts recently traded, which is 10 times the normal daily volume of options (all in one trade). This trade makes money if EZA drops below $50, and the stock was trading around $50.50 at the time of the trade.

This could be a bet that the ETF is about to go down on bad economic/political news or maybe even a hedge against a long stock position. It also could simply be closing an open trade from a while back.

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