By Jon "DRJ" Najarian, co-founder of OptionMonsterNEW YORK -- A large trader is betting that emerging markets are heading higher. The same player apparently has been buying the iShares MSCI EAFE Index Fund ( EFA) and the iShares MSCI Emerging Markets Index Fund ( EEM). This trader has been right so far and Thursday came back to the emerging markets. OptionMonster's tracking systems detected the purchase of 40,000 September 42 calls, the sale of 80,000 September 43.50 calls, and the sale of 40,000 September 45 calls. That trade, known as a butterfly spread, will leverage a move between $42 and $43.50. It amounts to an $880,000 bet that the fund will drift up to $43.50 in the next 43 days. If that occurs, the trader will collect $6 million -- a profit of more than 500%. The fund's shares rose 0.42% to $40.54 Thursday and are up more than 8% since July 25. The butterfly pushed total option volume in the name to almost triple its daily average. Najarian is long EEM.