In Japan, single stock options are listed on Osaka Exchange under the name Securities Options. The underlyings are securities selected by the exchange from those listed on Japan's stock exchanges. Besides stocks, they include exchange-traded funds (ETFs) and real estate investment trusts (REITs). The options can be exercised only on the last trading day, and an exercised option is settled by buying or selling the underlying stock itself at the strike price, not by paying the difference.