Which of the Below Statements Is FALSE

Multiple Choice

Which of the below statements is FALSE?

A) The buyer of an FRA benefits if the reference rate increases and the seller benefits if the reference rate decreases.
B) In a futures contract, the buyer benefits from a rising rate while the seller benefits from a falling rate.
C) In the case of an FRA, the underlying is a rate with the buyer gaining if the rate increases and losing if the rate decreases.
D) In a futures contract the underlying is a fixed-income instrument.