A derivative is an investment product that derives its value from an underlying investment product. Options and commodity futures are derivative investments. They have no value in and of themselves; their value is dependent upon (''derived'' from) the value of the underlying stock, stock index, bond, commodity, or whatever. In this module you will learn the basics of options and futures contracts, including some of the basic strategies with which advisers must be familiar. You will also learn about various products that often use derivatives, including hedge funds and structured products.