Wall Street blamed zero-day option traders for a sudden stock-market selloff. But a BofA team says they got it wrong.

Did a group of traders in rapidly expiring options recently drag the S&P 500 lower in the final hour of trading? Or has the influence of this booming corner of the options world been exaggerated?

A team of equity-derivative strategists at Bank of America BAC Global Research think it is the latter. In a research report shared with clients on Tuesday, the team argued that the impact of rising zero-day, or “0DTE,” volumes has been more benign than many on Wall Street believe.

0DTEs…