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 characteristics of commodity sectors;
	2. Life Cycle of Commodities compare the life cycle of commodity sectors from production through trading or consumption;
	3. Valuation of Commodities contrast the valuation of commodities with the valuation of equities and bonds;
	4. Commodity Futures Market Participants describe types of participants in commodity futures markets;
	5. Spot and Futures Pricing analyze the relationship between spot prices and expected future prices in markets in contango and markets in backwardation;
	6. Futures Returns 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;
	7. Commodity Swaps and Indexes describe how commodity swaps are used to obtain or modify exposure to commodities; describe how the construction of commodity indexes affects index returns.

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