Where Data Tells the Story
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The number of retail investors trading derivatives has exploded in the last decade — with some estimates suggesting that retail traders were behind nearly one in two options trades in the US in mid-2023.
One type of contract in particular has soared in volumes: zero day to expiry options (0DTE). In the span of five years up to Q1 2025, 0DTE options, which investors use to make same-day bets on market movements, have grown nearly fivefold for the S&P 500.
Though historically used by institutional investors to hedge against large price changes, 0DTE options are now drawing retail speculators, lured in by the chance to make large gains if prices swing wildly in their favor in a short amount of time — a behavior that’s been compared to gambling by many.
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