An exchange traded fund that invests in the global agribusiness sector has rallied about 25% from its low earlier this month on improved sentiment on the global economy.

Market Vectors Agribusiness (NYSEArca: MOO) has recovered to about $50 a share after falling to just below $40 in early October.

However, Bloomberg reported Wednesday that options traders are scooping up insurance against a pullback in the ETF.

Puts to sell the Market Vectors Agribusiness outnumber calls 2.1-to-1, the widest spread in nearly a year, according to the report. The ratio has climbed from 0.74 on Oct. 14 for the biggest increase since January 2008, Bloomberg noted.

“If you remain pessimistic on a European solution, this is a good way to play it,” said Andrew Wilkinson, chief economic strategist at Miller Tabak, in the report. “They’re growth- sensitive stocks so if we’re going to have a rerun to the downside then they would underperform.”

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