Zero-Dated Options Surge in Popularity on Wall Street Amid High-Risk

Zero-dated options, also known as zero-day-to-expiry (ODTE) options, have become increasingly popular on Wall Street. These options, which expire within a day, saw a significant rise in volume starting mid-2022, coinciding with the listing of Tuesday and Thursday expiry weekly options. Traders are flocking to these high-risk financial instruments, which have been described as Wall Street's hottest lottery ticket. However, the high-risk nature of these options means traders can potentially go completely broke. The $VIX index and BofA have noted the substantial increase in ODTE options volume.