2025 CFA Level II Exam: Topic 8. Alternative Investments - Learning Module 33. Introduction to Commodities and Commodity Derivatives

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	1. Characteristics of Commodity Sectors compare the life cycle of commodity sectors from production through trading or consumption;
	2. Life Cycle of Commodities contrast the valuation of commodities with the valuation of equities and bonds;
	3. Valuation of Commodities describe types of participants in commodity futures markets;
	4. Commodity Futures Market Participants analyze the relationship between spot prices and expected future prices in markets in contango and markets in backwardation;
	5. Spot and Futures Pricing compare theories of commodity futures returns; describe, calculate, and interpret the components of total return for a fully collateralized commodity futures contract; contrast roll return in markets in contango and markets in backwardation;
	6. Futures Returns describe how commodity swaps are used to obtain or modify exposure to commodities; describe how the construction of commodity indexes affects index returns.
	7. Commodity Swaps and Indexes explain the notion that to affect market values, economic factors must affect one or more of the following: (1) default-free interest rates across maturities, (2) the timing and/or magnitude of expected cash flows, and (3) risk premiums; explain the role of expectations and changes in expectations in market valuation;

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