Chinese large caps have tumbled over the last couple of weeks and seem to have found support on the rising trendline around $47. The FXI also has a weighted PE ratio of 12.64 which is less than half the SPY's 27. In simple words, you are getting a greater value per dollar in FXI than the SPY.
Trade Idea: Cash-Secured Put: 45 Strike expiring 4/16 for $0.65 Credit. 75% PoP and $650 BPE for a 10% Max ROC.