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When the contract closes, one person was right and the other was wrong. With a predetermined price locked in, the investor removes some risk from their portfolio. For instance, an investor that buys or sells a future might be hedging against volatility. Are options and futures zero-sum games? But, options and futures are more like bets on the direction a stock will move in the future. For example, if the price goes up substantially, one investor will make a profit.

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