D is corrent. Each of the other choices meets the basic definition of an underlying, which is any financial or physical variable that has either observable changes or objectively verifiable changes.
A is incorrect. Each of the other choices meets the basic definition of an underlying, which is any financial or physical variable that has either observable changes or objectively verifiable changes.
B is incorrect. Each of the other choices meets the basic definition of an underlying, which is any financial or physical variable that has either observable changes or objectively verifiable changes.
B is incorrect. Each of the other choices meets the basic definition of an underlying, which is any financial or physical variable that has either observable changes or objectively verifiable changes.
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