Derivatives
Options, futures, swaps, and the instruments that price and transfer risk.
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The 0DTE Revolution: How Daily Options Broke the Fear Gauge
0DTE options now account for half of daily S&P 500 volume, suppressing the VIX through market maker hedging mechanics that mask intraday volatility. This guide explains gamma exposure, pinning effects, and tail risk.
Contango and Backwardation: Why Your Commodity ETF Loses Money When Prices Rise
Contango destroys commodity ETF returns even when underlying prices rise. This guide explains futures curve shapes, roll yield costs, VIX contango, and how to evaluate commodity investments before committing capital.
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