Profit from the Chinese Yuan ETF very cheap options

There appears to be a discrepancy on the market with regards to some of the Chinese Yuan ETF (CYB) calls for 2011. They are very, very cheap.

For example, these are the 24 calls:

With CYB trading at $25.42, CYB 24 calls ask price is $1.50. That is  a 0.3% premium over the intrinsic value. While the standard disclaimer applies, that options are very dangerous and may cause 100% loss (which they well might), those are 24 calls, and the CYB has not reached $24 in quite some time, if ever.

Liquidity is relatively low, although the open interest is not too bad, but the market maker should satisfy any bids. This basically gives you leverage of about 17X on CYB.

Needless to say, the US wants nothing more than the Yuan appreciating.