A is correct. Futures prices typically converge toward the spot price of the underlying asset as a futures contract approaches maturity. This is due to the arbitrage activities of market participants who take advantage of price discrepancies between the futures and spot markets. Arbitrageurs will play a vital role in the convergence of futures prices and underlying spot prices during the delivery period. They do this by engaging in arbitrage trades that exploit the price differences, thus ensuring that the futures price and the spot price remain close to each other. Option B is incorrect because it does not specify the delivery period, which is crucial for the convergence process. Option C is incorrect because if the futures price is above the spot price during the delivery period, an arbitrageur would sell the futures contract and buy the asset in the spot market to profit from the price discrepancy, not the other way around. Option D is incorrect because the S&P 500 futures contract is cash settled, meaning there is no physical delivery involved, and thus no trading activity related to taking physical delivery.