Retail bets on zero day options are growing, but they may come at a price

The strategy: Zero days-to-expiration options — which is essentially a one-day bet on the direction of the markets.

"It's really become attractive and garnered a lot of interest in being able to express that opinion [on the market] in the short term," Tilley told CNBC's "Zero days-to-expiration options are contracts that expire the same day they're traded. Tilly believes these options are appealing to investors by allowing them to invest at the shortest duration of time left in a contract.

"About a third of [our] trades are coming from retail, and about two-thirds are coming from institutional," he said.

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