The ASX has a booklet on understanding options, available on the link below. They are considerably riskier than shares.They can be used as a hedging tool, but are more often than not used as a short term speculative tool to increase risk and gain leverage.
https://www.asx.com.au/content/dam/asx/investors/investment-options/options/understanding-options.pdf
Relevant Media, page-3460
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