B为什么错

问题如下：

Brown proposes the Apex Commodity Fund (Apex Fund) offered by Menlo Bank as a potentially suitable investment for the pension plan. The Apex Fund attempts to produce trading profits by capitalizing on the mispricing between the spot and futures prices of commodities.The Apex Fund is most likely to be characterized as:

选项：

A.a hedger. B.a speculator. C.an arbitrageur.

解释：

Commodity arbitrage involves an ability to inventory physical commodities and the attempt to capitalize on mispricing between the commod­ity (along with related storage and financing costs) and the futures price. The Apex Fund has access to storage facilities and uses these facilities in the attempt to capitalize on mispricing opportunities.