(Bloomberg) — One trader just took on a massive bet that U.S. stocks will rally into the end of 2021.

The flurry of trades with the SPDR S&P 500 ETF Trust (ASX:) — which took place between 10:34 a.m. and 10:41 a.m. New York time — involved call spreads maturing in each of the next three months. It cost approximately $50 million. According to Chris Murphy (co-head of Susquehanna’s derivatives strategy), if all contracts were in money before their expiration dates they would have a value of $136 million. This is a profit of approximately 70%. 

“These trades all share very similar footprint,” said Murphy. “It could be someone who is underweight equities and says, ‘if this thing explodes to the upside by the end of the year, then I’m going to be in trouble. So why don’t I put on a couple of these call spreads just to cover myself?’ That’s one situation. Or it could be someone who’s bullish getting more bullish.”

The transactions occurred right before the Federal Reserve’s policy decision. The climbed more than 1% Wednesday, snapping a four-day decline, as concerns about China Evergrande Group’s debt woes eased. The index fell 2.6% in September and is headed for its worst month in nearly a year. 

It “seems like someone putting money to work to play for a rally into year-end following the recent selloff,” said Danny Kirsch, head of options at Cornerstone Macro LLC. “Interesting they’re also doing it in front of the Fed meeting, perhaps think the outcome will be market positive.” 

Here are the details of the trades using bullish options on SPY: 

• 25,000 Dec. 448/470 call spreads for $7.91
• 32,000 Nov. 448/460 call spreads for $4.35
• 43,000 Oct. 442/452 call spreads for $3.89

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