Suppose i buy a ed call option with a delta of .5 at a price of 99.50. Now say prices rise one basic point in my favor. I would only make $12.50 by selling the option. At the same time I think exercise the call option at 99.50 and immediately sell a ed future at 99.51 to lock in the entire $25. Yet from my understanding i should be indifferent to whether i exercise or not. Should the values not be equal? What am i missing? Your help is greatly appreciated. Thank you.