请问excluding leverage在这样怎么解释？

问题如下：

4. The total return (annualized excluding leverage) on the lean hog futures contract is:

选项：

A.

-37.2%

B.

-36.0%

C.

-34.8%

解释：

C is correct.

The contract was held for one year, so the price return of –12% is an annualized figure. Additionally, the –24% roll return is also annualized. Nabli’s collateral return equals 1.2% per year × 100% initial collateral investment = 1.2%. Therefore, the total return (annualized) is calculated as follows:

Total return = Price return + Roll return + Collateral return

Total return = –12% + (–24%) + 1.2% = –34.8%.