EWZ November 32/31 put spread: defined Brazil downside

Buy November $32 puts and sell $31 puts. Aggressive put buying reached $5.87M versus $2.62M for calls, while much of the headline bullish flow came from selling deeply in-the-money puts. Brazil's election and currency shock have broken the prior price range. The spread limits premium at risk, but a sharp relief rally could quickly reverse the move.

• EWZ, put debit spread, 1-3 weeks, opened Oct 26, 2026. It closed at -16.8%.

Updated 2026-11-02 17:48 UTC