What financial instrument gives the holder the right to buy or sell something at a stated price until expiration?

The correct answer is a financial instrument known as an option. An option grants the holder the right, but not the obligation, to buy or sell an underlying asset at a predetermined price, referred to as the strike price, within a specified time frame leading up to its expiration.

Options come in two main types: call options, which allow the holder to buy the underlying asset, and put options, which allow the holder to sell it. This flexibility provides valuable strategic advantages in hedging or speculating within the financial markets.

The other choices do not accurately describe this specific feature. A warrant, while similar in some characteristics to options, is typically issued by a company and allows the holder to purchase shares at a specific price, but may have different terms and characteristics compared to standard options. Subscription rights give current shareholders the privilege to purchase additional shares before the shares are offered to the public, usually at a discount, but they are also distinct from options. Property rights refer to legal rights to possess, use, and manage property, which does not encapsulate the trading and speculative nature inherent in options.