CFA Level I sample question

CFA Level I Futures question

Alternative Investments / Natural Resources and Commodities

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Futures sample question

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Alternative Investments

Natural Resources and Commodities

An investor gains commodity exposure through fully collateralized futures. Spot commodity prices are unchanged, the collateral earns 3%, and the futures curve is in contango so expiring contracts are rolled into higher-priced longer contracts. The futures-based return is most likely:

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