Which of the following is false about profits from futures contracts?

I$)$ The person with the long position gets to decide whether to exercise the futures contract and will only do so if there is a profit to be made.

II$)$ It is possible for both the holder of the long position and the holder of the short position to earn a profit.

III$)$ The clearinghouse makes most of the profit.

IV$)$ The amount that the holder of the long position gains must equal the amount that the holder of the short position loses.

I only

I, II$,$ and III

II only

III only

IV only