A Cliquet Is Equivalent to a Family of Forward Starting

Multiple Choice

A cliquet is equivalent to a family of forward starting options in which one option comes to life at each reset date and expires on the next reset date. A reverse cliquet

A) Is a portfolio of vanilla put options, all at-the-money today, and expiring on the reset dates of the reverse cliquet.
B) Is a portfolio of digital put options, with one option coming to life at each reset date and expiring at the next reset date.
C) Is a cliquet that runs in reverse, with options expiring at each reset date whose strike is determined only at the next reset date.
D) Has an identical structure to the cliquet but in which there is a promised fixed return at expiry that is reduced by the moneyness at expiry of each forward starting option in the cliquet.