- CFA Exams
- 2025 Level II
- Topic 8. Alternative Investments
- Learning Module 33. Introduction to Commodities and Commodity Derivatives
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Learning Outcome Statements PDF Download
| 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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