This is incredible: 0DTE options now reflect a record ~78% of all daily Nasdaq 100 options volume, up +23 points since 2024. For the S&P 500, 0DTE represents ~65% of daily options volume, up from ~50% in January 2024. Furthermore, 0DTE accounts for a near-record ~60% of options trading volume in the Nasdaq 100 ETF, QQQ, and the S&P 500 ETF, SPY. This is followed by the Russell 2000 ETF, IWM, where 0DTE reflects ~40% of options activity. As a result, 0DTE options now account for a record 55% of volume across these assets, up from 38% in 2024. Risk appetite is through the roof.(The Kobeissi Letter)