the ishares china largecap etf fxi could be a good bet for investors bullish on beijing according to michael khouw of optimize advisors i think this is sort of a riskmitigated way to make a bullish bet if youre inclined to go that way he said tuesday on cnbcs fast money us investors have grown wary of chineselisted holdings particularly after beijings regulatory crackdown on its tech giants indeed us based active money managers have sat on the sidelines when it comes to chinese stocks even as names like baidu and alibaba jump to begin 2023 despite concerns related to china khouw said that there was a purchase of 6000 june 3035 call spreads that can be taken as an example of bullishness a call option gives the buyer the right but not the obligation to buy a security at a specified price and by a set date the purchaser of the call makes money when the asset rises in price a call spread strategy is a bet that an assets price will rise within a specified range an investor uses two call options one with a lower strike price and one with a higher strike price to create that range khouw said theres about a fourtoone payoff if fxi rises about 195 by june expiration the etf has gained 34 this year meaning it has underperformed the broader s  p 500 s 68 gain it underperformed in 2022 with a loss of 226 compared with the broad indexs 194 drop fxi spx ytd mountain the fxi compared with the s  p 500