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The stocks in the iShares MSCI Emerging Markets Index (ETF) (NYSEARCA:EEM) have a P/E ratio of about 16:1 while the stocks in the U.S. market are much higher. So, basically, the EEM stocks are a better bargain, which leads me to consider EEM as a possible alternative to American stocks.

And in a situation like that, I like to look for contrarian plays that allow us to bring in put-option income upfront. That’s just what I’m recommending today with this EEM naked put write:

Sell to open the EEM Mar. 29th $46 put at about $0.30.

Note: There are several March expirations available for EEM options. Be sure you are opening the weekly options that expire on Thursday, Mar. 29, 2018.

EEM shares are currently trading at $48.75. If you do not want to be “put” the shares, watch for a drop below $45.50 prior to expiration on Mar. 29. If you are holding the option at expiration and the stock is trading below the $46 strike price, you will be put the shares. If you do not want to take possession of shares, exit the trade if EEM shares drop below $45.50.

Otherwise, as long as EEM remains above $46 through expiration, we’ll walk away with full profits on our bullish position.

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Ken Trester is editor of the popular Maximum Options program. Trester has been trading options since the first exchanges opened in 1973 with a winning streak that goes back to 1984 with money-doubling average annual profits since 1990.