If you follow my ideas you know that I like to be neutral more often than not. I originally was looking at a Calendar spread for EEM but decided that an Iron Butterfly would be the better trade. It has wider breakevens to cover the majority of the recent range, as opposed to the Calendar, which would require an increase in IV to expand its range. Typically, IV rises when price drops, so Calendars should be slightly short, which I don't want to be here. 8/23 weeklies have attractive pricing.