Which of the following is least likely a way to terminate a long position in a deliverable futures contract at expiration?
A. An equivalent cash settlement.
B. An exchange-for-physicals.
C. Close-out at expiration.
D. Taking delivery.
Sale of an offsetting contract at the settlement price on the final day of trading (close-out at expiration) will have the same effect, with the cash settlement effectively taking place in the margin account.