“The U.S. dollar is climbing again versus other major currencies today, and one investor is positioning for a continued rally. OptionMONSTER’s Heat Seeker tracking system detected a surge of call activity in the PowerShares DB US Dollar Index Bullish exchange-traded fund (NYSE:UUP), following a busy session yesterday. Almost all the volume resulted from a transaction where a trader unloaded an existing position in 20,500 June 24 calls for $0.89 against existing open interest and bought 45,000 June 25 contracts for $0.40,” Option Monster Reports.

They go on to say that the “(NYSE:UUP) rose 0.19 percent to $24.86 in morning trading and is up 4 percent in the last month. The fund has been climbing as investors fled European assets amid sovereign-debt problems in Greece, Spain, and Portugal. The greenback has also benefited from increasing signs of strength in the U.S. economy.”

“Today’s options transaction allowed the investor to recover $24,000 of premium while doubling the size of their long position in the fund, which tracks the U.S. dollar index. As a result he or she has more leverage to an outsized rally. If (NYSE:UUP) were to climb to $27, their holding will now be worth $9 million versus about $6 million if they had done nothing. The trade pushed overall options volume in UUP to more than six times the daily average level. Calls outnumber puts by a bullish 198-to-1 ratio,” Option Monster Reports.

Here are some details on the PowerShares DB US Dollar Index Bullish ETF (NYSE:UUP) including a snapshot of the options activity mentioned.

PowerShares DB US Dollar Index Bullish (NYSE:UUP)

The investment seeks to track the price and yield performance, before fees and expenses, of the Deutsche Bank Long US Dollar Futures index. The index is comprised solely of long futures contracts. The futures contract is designed to replicate the performance of being long the US Dollar against the Euro, Japanese Yen, British Pound, Canadian Dollar, Swedish Krona and Swiss Franc.

Strike Symbol Last Chg Bid Ask Vol Open Int 16.00 UUP100619C00016000 7.55 0.00 8.75 8.85 0 3 18.00 UUP100619C00018000 6.75 0.00 6.75 6.85 10 259 19.00 UUP100619C00019000 4.70 0.00 5.75 5.85 0 29 20.00 UUP100619C00020000 4.80 0.00 4.75 4.85 20 596 21.00 UUP100619C00021000 3.75 0.05 3.75 3.85 70 1,323 22.00 UUP100619C00022000 2.73 0.07 2.75 2.82 102 4,513 23.00 UUP100619C00023000 1.79 0.14 1.75 1.80 593 102,146 24.00 UUP100619C00024000 0.92 0.06 0.91 0.95 21,706 48,035 25.00 UUP100619C00025000 0.38 0.02 0.37 0.40 47,735 17,471 26.00 UUP100619C00026000 0.12 0.02 0.11 0.12 312 44,705 27.00 UUP100619C00027000 0.06 0.00 N/A 0.04 2 1,496 28.00 UUP100619C00028000 0.04 0.00 N/A 0.03 1 1,140 29.00 UUP100619C00029000 0.11 0.00 N/A 0.03 90 1,256 30.00 UUP100619C00030000 0.02 0.00 N/A 0.02 0 3,161 33.00 UUP100619C00033000 0.01 0.00 N/A 0.02 0 1 34.00 UUP100619C00034000 0.03 0.00 N/A 0.02 45 721

Strike Symbol Last Chg Bid Ask Vol Open Int 16.00 UUP100619P00016000 0.04 0.00 N/A 0.02 0 10 18.00 UUP100619P00018000 0.02 0.00 N/A 0.02 10 13 19.00 UUP100619P00019000 0.01 0.00 N/A 0.02 0 246 20.00 UUP100619P00020000 0.02 0.00 N/A 0.02 0 1,440 21.00 UUP100619P00021000 0.03 0.00 N/A 0.02 0 4,073 22.00 UUP100619P00022000 0.02 0.00 N/A 0.02 0 5,120 23.00 UUP100619P00023000 0.05 0.03 0.03 0.04 437 49,227 24.00 UUP100619P00024000 0.18 0.04 0.16 0.19 551 4,962 25.00 UUP100619P00025000 0.60 0.05 0.60 0.64 160 1,908 26.00 UUP100619P00026000 1.33 0.00 1.32 1.38 64 244 28.00 UUP100619P00028000 3.30 0.00 3.20 3.30 80 99 29.00 UUP100619P00029000 6.20 0.00 4.15 4.30 0 16 30.00 UUP100619P00030000 7.60 0.00 5.15 5.25 0 4 32.00 UUP100619P00032000 8.76 0.00 7.15 7.30 0 25

UUP