Bullish option positions opened in the middle of September in the iShares MSCI Brazil Fund (EWZ - Get Report) have tripled as investors take on a bullish outlook for the future of the Brazilian economy.

On September 18, Investitute's tracking systems showed that 25,000 November $37 calls were purchased for $1.29 to $1.30 as part of a bullish spread, with shares at $32.31. The trade was below open interest as of the market's open that day, however previous trading volumes accounted for by Investitute's market scanners proved this to be a new position.

These investors may have believed that the stock of EWZ had recently made a bullish double-bottom technical chart pattern, as well has had the foresight to believe any change in the country's politics may be a boost to the local economy.

Those November $37 calls traded up to $4.20 Monday, better than three times their initial purchase price. The stock rose 22.1% at the same time, illustrating how quickly options can far outpace moves in their underlying shares.

Long calls lock in the price where investors can buy a stock, letting them position for a rally at limited cost with the potential for significant leverage. They carry less risk than owning shares because the most that can be lost is the price of the options no matter how far the stock might fall.

The iShares MSCI Brazil Fund was up 6.74% to close at $39.13 on Monday, October 8. The exchange-traded fund, which tracks an index of Brazilian equities, gapped higher as conservative candidate Jair Bolsonaro collected 46% of the presidential vote on Sunday. He will run against the more liberal opposition candidate, Fernando Haddad, in a runoff vote held on October 28.