23-56 A contract that results in the delivery of a futures contract when exercised is a

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A futures option is a contract that gives the holder the right, but not the obligation, to buy or sell a futures contract at a specific price (strike price) prior to or on a specific expiration date. When exercised, the futures contract is delivered. The other options listed (put option, call option, naked option, and credit spread call option) do not involve the delivery of a futures contract.

23-56 a Contract That Results in the Delivery of a Futures