An option that gives the owner the right to buy or sell an asset at a fixed price only on the expiration date,is called a(n)

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A European option gives the owner the right to buy or sell an asset at a fixed price only on the expiration date. In contrast, an American option allows the owner to exercise the option at any time up to and including the expiration date. Asian options have a payoff determined by the average price of the underlying asset over a period of time, while exotic options have features that are not present in standard options, such as the ability to vary the strike price or the expiration date. Therefore, based on the given description, the closest match is the European option.

An Option That Gives the Owner the Right to Buy