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Short-dated exchange-traded options (ETOs) are options that expire within a short period, often days rather than months. Because there is little time before they expire, their value can change very quickly, making them a high-risk investment. While some people use them to try to make quick profits, investors can also lose money quickly. If the market does not move in the way you expect before the option expires, the option may become worthless and you could lose your entire investment.