An Investor Who Exercises a Call Option on a S&P

Multiple Choice

An investor who exercises a call option on a S&P 500 ETF will

A) purchase ETF shares at the strike price.
B) receive a cash settlement equivalent to the difference between the strike price and the current level of the index.
C) receive a cash settlement equivalent to the difference between the strike price and 100 times the current level of the index.
D) receive a cash settlement equivalent to the difference between the strike price and the current price of the ETF.