Retail’s appetite for risk is breaking records: 0DTE options as a share of total S&P 500 options volume has averaged ~65% so far in Q3 2025, an all-time high. This percentage has more than doubled since the 2022 bear market. On Thursday, a record 69% of S&P 500 options contracts traded were 0DTE. By comparison, before2020, this percentage oscillated between 10% and 20%. Meanwhile, US stock and ETF call options volume hit ~47 million contracts on Friday, the second-highest level on record. Individual investors are taking on unprecedented risk.(The Kobeissi Letter)