The options market rarely gives you a gift, but it might be doing that right now.

Materials don't generally get the headlines. The Treasury Secretary's efforts to suppress the long-end of the rate curve are noteworthy for capturing attention that Moderna's and Merck's sharp moves this week did not receive. But so are the potentially inflationary effects policymaker rate suppression tends to create.

Materials was one of the week's best performing sectors, and is also (ahem) materially outperforming the S&P 500 so far this year up nearly 17%. Some of this ties to the AI infrastructure buildout, consuming copper, chemicals and construction materials. Some of it is tied to precious metals supported by the grim reality that policymakers are loath to correct our fiscal problems and prefer to monetize them instead.

What makes the setup particularly interesting for options traders right now is that one month at-the-money implied volatility in the State Street Materials Select Sector SPDR ETF (XLB) is cheap at barely over 14%. For perspective over the past five years, that number has averaged 19.5%, been as high as 47.25%, and bottomed at 11.8%. In other words, options on the sector are priced closer to their five-year low than to the five-year average.

Why does that matter?

When you make a directional bet on a stock using options, the risk is limited to the premium paid. Lower premiums equal lower risk. Lower premiums equal lower risk, which equals better risk/reward. Another benefit? No need to get fancy.

For long options positions, whether outright directional bets or long gamma strategies, there's no need to use complex strategies. Just buy options because the usual argument for using spreads—which seek to offset expensive premiums by selling options against the ones you buy—is no longer relevant.

Want to make a bullish bet? Buy calls outright. The at-the-money September 52.5 calls cost about $1. Less than 2% of the current stock price. That's the maximum risk. A move to $53.5 gets the call buyer to the upside breakeven, just 1.9% higher than Thursday's closing stock price in four weeks.

Considering XLB moved 1.67% higher Thursday, a move of 2% higher or lower over the next several weeks doesn't just seem possible, it's damn likely. If XLB moves more than 2% higher this trade wins. If XLB moves more than 2% lower, the long call will have risked less than purchasing the shares.

By the way, if you disagree with the bullish thesis in materials and prefer to lean short, you're probably better off buying the Sep 52.5 puts, which are roughly the same price as the calls, rather than shorting the ETF. Even a contrarian likely prefers risking less than 2% between now and September expiration.

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