The introduction of fractional trading has allowed retail investors to access high-priced stocks without relying on buying call options. We find that retail trading in affordable call options declines significantly after fractional trading becomes available. This shift leads to higher adverse selection, wider bid-ask spreads, and increased trading costs in the options market. These findings underscore the disruptive effects that changes in equity market access can have on derivatives trading, with significant implications for market makers and liquidity providers.