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"Equity Investments":Statement of commodity index
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Questions 1:
Which of the following statements regarding a commodity index is mostaccurate?
A、 Commodity index returns differ from the changes in the prices of their underlying commodities.
B 、Commodity indexes in the same markets will share similar risk and return profiles.
C 、Commodity indexes commonly use an equal weighting method.
Questions 2:
The MSCI All Country World Index is best described as a:
A 、broad market equity index.
B、 multi-market equity index.
C、 global sector equity index.
View answer resolution
【Answer to question 1】A
【analysis】
A is correct. The performance of commodity indexes can be different from their underlying commodities because the indexes consist of futures contracts on the commodities rather than the actual commodities. Commodity index returns reflect the risk-free interest rate, the changes in future prices, and the roll yield.
C is incorrect. Commodity indexes do not have an obvious weighting mechanism; therefore, commodity index providers create their own weighting methods.
B is incorrect. Different weighting methods lead to different exposure to specific commodities and result in different risk and return profiles. Unlike commodity indexes, broad equity and fixed-income indexes that target the same markets share similar risk and return profiles.
【Answer to question 2】B
【analysis】
B is correct. The MSCI All Country World Index is a multi-market equity index because it represents stocks of 23 developed and 22 emerging markets.
A is incorrect. The MSCI All Country World Index represents stocks of 23 developed and 22 emerging markets, not a selected market.
C is incorrect. The MSCI All Country World Index is composed of global stocks, but it doesn’t represent specific economic sectors.
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