11,25 mill? That’s a “very big” event?
That was my thought as well.
I suspect that, in proportion to normal trading in that index, it is a big bet, particularly in futures, which are by their nature a leveraged investment.
$11.25 million in an option is pretty big as their is a multiplier effect of the option. It’s not a straight trade.
That $11.25 million bet expires in April...money will be gone, zero, zip, nada. It is a serious bet because it has expiry date. It is much much different than buying stocks worth $11 million. Stocks go up or down but they seldom go to zero.