After closing Thursday at $44.21, iShares MSCI Chile Investable Market Index (ECH) presents an attractive opportunity to get a 2.78% return in just 78 days, which is an annualized return of 13.01% (for comparison purposes only).

To enter this trade, sell one Nov. '14 $44.00 call for each 100 shares of ECH for a net debit of about $42.81. The net debit for this trade is also the break even point, which means this position has 3.17% downside protection.

ECH closed Thursday at $44.21 after trading between $44.14 and $44.78. Technical indicators are bearish with support near $43.74 and resistance around $45.02.