2016 Mock PM
52. Based on Exhibit 3, the excess return for the livestock subindex is closest to:
A. 5.2%.
B. 2.8%
C. 11.4%.
Answer = A
The excess return is the sum of the spot return and the roll return.
Excess return = Spot return + Roll return = 4.02 + 1.20 = 5.22%.
我想问一下，现在excess return的公式“Excess return = Spot return + Roll return”还需要掌握吗？怎么理解这个公式？（convenience return和collateral return不需要考虑。）谢谢！
