Which of the following features are shared by futures contracts and options?
| I. | They have specified expiration dates. |
| II. | Their value is derived from changes in the value of some other asset. |
| III. | Unprofitable futures or options can simply be allowed expire unexercised. |
| IV. | The obligate the buyer and seller to exchange cash for the underlying asset on the expiration date.
▸ I and II only
▸ I and IV only
▸ II and III only
▸ I, II and III only
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