A derivative (which is neither a call nor a put) is structured such that it replicates the features of a forward contract with a forward price of X. A derivative trader is tasked to derive an analytical formula to price this derivative. The pricing formula includes, among others, the familiar N(d₂) term of the Black-Scholes model.

Assuming no default risk, the N(d₂) of this unique derivative is __________

1. Almost equal to 100%
2. High at around 80%
3. Around 50%
4. Low at around 20%
5. Almost equal to 0%