Zero days to expire (0DTE) options have surged to account for approximately 60% of the total S&P 500 options volume, marking a new all-time high. This trend reflects increased trading activity in options that expire on the same day they are traded. Market analysts note that while 0DTE options provide benefits such as enhanced liquidity, opportunities for intraday hedging, and potential for quick profits, they also carry risks including gamma squeezes, rapid time decay (theta burns), and the potential for swift losses. The rising prominence of 0DTE options has raised questions about whether this trend represents a retail-driven speculative environment or poses broader systemic risks to the market. The Chicago Board Options Exchange (CBOE) has provided some analysis on these instruments, highlighting their growing role in market dynamics. Observers suggest that the resilience of the market will be tested during the first significant S&P 500 downturn amid this increased 0DTE activity.