You guys need to update your list of ETFS, there is no need to buy puts or short FXI, just go long EEV (ULTRASHORT MSCI EMERGING MARKETS PROSHARES) If you want to short CHINA buy FXP (ULTRASHORT FTSE/XINHUA CHINA 25 PROSHARES)
Think I will stick with EEM puts when wanting to short EM, at least until liquidity in EEV improves substantially.