What is a derivative strategy?

Could you please explain what a derivative strategy actually is? I'm trying to understand how it works in the financial markets and what kinds of opportunities it presents for investors. Could you also provide some examples of derivative strategies that are commonly used? I'm interested in knowing how they can be employed to manage risk or enhance returns. Additionally, are there any specific risks associated with derivative strategies that investors should be aware of? Thank you for your help in clarifying this topic.