In an eyebrow-raising transaction Wednesday, the investor spent $3 million on a bet that the EEM would plummet 11 percent by the beginning of next year. Specifically, that institution or trader purchased 60,000 of the January 31-strike puts for 50 cents each. Since each options contract accounts for 100 shares of stock, this is a multimillion dollar wager that the ETF will fall below $30.50 by January. That puts the EEM near multiyear lows. The ETF briefly traded below that level during the August flash crash.