If we compare FXI and $RUT today, I would buy $RUT instead of FXI. Even with today's big sell off after a few very bad news came out this morning. S&P 1900 area and $RUT 1100 area, market should find some key support. 

There will still be a few more down days even big ones. If that happens, that is where you can sell protections and start to use some cash that were raised. 

VIX is close to 17 today. When it gets to near 20, I would start to unload protection and use cash. 

This shows that it is very important to spend some money to buy puts when puts were very cheap. It could even make you some big money when big sell off comes out from nowhere.  (instead of selling covered calls - this could be dangerous thing to do just to gain some tiny money).

And remember that if you didn't raise cash in last few days, you should also not sell today into panic. People who sold into panic will likely to regret in just a few weeks.