Inflation seems likely and Vanguard Emerging Markets is likely to go up if it does. VOPAH is a call selling at ~30 cents now, so you can risk just $300 to profit is VWO passes the strike price of $60 on January 22/2011. VWO has been steadily appreciating over the last year and is now at $42.39.

Does it make sense to take a low risk flyer by buying a contract or two? Any thoughts will be appreciated.

Mark