A huge put trade is targeting the iShares EAFE Index Fund even as it trades at its highest levels in more than a year.

optionMONSTER systems show that 22,100 June 48 puts were bought for the ask price of $1 in volume that was well above the strike's previous open interest of 4,088 contracts. At the same time the trader sold 22,100 June 40 puts for the bid price of $0.22 against open interest of 42,969, so that could have been an opening or closing transaction.

If it was an opening trade, this is a new vertical spread that is looking for the EFA to fall to $40 or below by expiration in mid-June. If it was a closing transaction, the trader is rolling the put position to a higher strike as the stock continues to rise.

The EFA ended the week at $56.51, down 0.62 percent on the day, but saw its highest close since August 2011 in the previous session. Shares of the exchange-traded fund, which tracks stock markets in Europe, Asia, and Australia, have been on the rise since the start of June when they traded below $47.

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