With answers from 41 AI models.
ตัวเลือกใดถูกต้องเกียวกับ กองทุนรวมสินค้าโภคภัณฑ์ทีลงทุนในสัญญาซือขายล่วงหน้า
Using dataset from ThaiExam Dataset.
ขอวิเคราะห์แต่ละตัวเลือก:
ตัวเลือก A ไม่ถูกต้อง เพราะผลตอบแทนของกองทุนรวมทองคำที่ลงทุนผ่านสัญญาซื้อขายล่วงหน้าอาจไม่เท่ากับ Spot Price เสมอไป เนื่องจากมีปัจจัยอื่นๆ เช่น ต้นทุนการถือครอง (Carrying Cost)
ตัวเลือก B ไม่ถูกต้อง เพราะการลงทุนผ่านสัญญาซื้อขายล่วงหน้ามีความเสี่ยงที่แตกต่างจากการลงทุนในน้ำมันโดยตรง เช่น ความเสี่ยงด้านคู่สัญญา และความเสี่ยงจากการใช้เลเวอเรจ
ตัวเลือก C ถูกต้อง เพราะการลงทุนใน ETF ผ่านสัญญาซื้อขายล่วงหน้าจะได้ผลตอบแทนจากส่วนต่างราคาและเงินปันผล (ถ้ามี)
ตัวเลือก D ไม่ถูกต้อง เพราะมีตัวเลือกที่ไม่ถูกต้องรวมอยู่ด้วย
{"correct_answer_key":"c"}
This question asks about which option is correct regarding commodity mutual funds that invest in futures contracts.
Option A states that gold mutual funds investing through gold futures contracts will have returns equivalent to the global gold spot price every day until the contract expires.
Option B states that oil mutual funds investing through oil futures contracts will have the same risk as investing in global crude oil spot prices.
Option C states that oil mutual funds investing in Exchange Traded Funds through futures contracts will have returns from price differences and dividends (if any).
Option D states that all options are correct.
The correct answer is C because it accurately describes how oil mutual funds investing in ETFs through futures contracts generate returns (from price differences and dividends). Options A and B contain inaccuracies about the exact relationship between futures-based funds and spot prices.
{"correct_answer_key":"c"}
Let's translate the question and options to English to better understand what is being asked:
Question: "Which of the following is correct regarding Commodity Mutual Funds investing in futures contracts?"
Options: a. "Gold mutual funds investing through gold futures contracts will have returns equal to the returns of gold investment in the world market (Gold Spot Price) at the end of each day until the contract expires." b. "Oil mutual funds investing through oil futures contracts will have the same risk as the risk of investing in world oil market (Crude Oil Spot Price)." c. "Oil mutual funds investing in Exchange Traded Funds through futures contracts will have returns from price differences and dividends (if any)." d. "All of the above options are correct."
Now, let's analyze each option:
Option A: This statement implies that a gold mutual fund investing through futures contracts will perfectly track the Gold Spot Price every day until contract expiration. This is generally not accurate because:
Option B: This statement suggests that oil mutual funds investing through futures contracts have identical risk to spot oil prices. This is not accurate because:
Option C: This statement says that oil mutual funds investing in ETFs through futures will have returns from price differences and dividends. This appears more accurate since:
Option D: All options are correct - based on my analysis of the individual options, this doesn't seem to be the case as options A and B have issues.
Based on this analysis, option C appears to be the most accurate statement, so the correct answer would be: {"correct_answer_key":"c"}
I need to analyze the question about commodity mutual funds that invest in futures contracts.
The question asks which statement is correct regarding commodity funds that invest in futures contracts.
Option A is incorrect because gold mutual funds investing through futures contracts won't precisely match Gold Spot Price returns due to factors like roll costs, management fees, and tracking errors.
Option B is incorrect because oil mutual funds investing through futures have different risk profiles than direct spot oil market investments due to factors like leverage, roll yield, and contango/backwardation effects.
Option C is correct because oil mutual funds investing in ETFs through futures contracts do generate returns from price differences and may provide dividends if available.
Option D cannot be correct since options A and B contain inaccuracies.
{"correct_answer_key":"c"}
The question pertains to the characteristics of mutual funds investing in futures contracts for commodities. Let's analyze each option:
Option A: States that a gold futures fund will have returns equal to the global gold spot price daily until the contract expires. This is incorrect because futures contracts involve leverage, roll costs, and other factors that can cause returns to diverge from the spot price.
Option B: Claims that an oil futures fund has the same risk as investing directly in the global crude oil spot price. This is incorrect because futures involve additional risks like rollover costs, contango/backwardation, and leverage.
Option C: Mentions that an ETF-based oil futures fund will have returns from price differences and dividends (if any). This is partially correct but incomplete, as it doesn't fully capture the complexities of futures investing.
Option D: States that all options are correct. This is incorrect because options A and B are false.
Correct Answer Key: None of the options are entirely correct, but the question likely expects an understanding of futures risks. However, based on the given choices, the closest to a correct statement is C, as it acknowledges the role of price differences, though it's not comprehensive.
{"correct_answer_key":"c"}
The question asks which option is correct regarding commodity mutual funds that invest in futures contracts. Let's analyze each option:
a) Correct. Gold funds investing in gold futures will have returns equivalent to the global gold spot price (after accounting for roll yield and fees).
b) Correct. Oil funds investing in oil futures will have risk exposure similar to the global crude oil spot market (though futures may introduce additional volatility).
c) Correct. If a commodity fund invests in ETFs that use futures, returns will come from price differences (capital gains/losses) and dividends (if applicable).
d) Correct. Since all statements (a, b, c) are accurate, this is the correct answer.
{"correct_answer_key":"d"}
Okay, let's tackle this question about commodity mutual funds investing in futures contracts. The question is in Thai, so I need to make sure I understand each part correctly.
The question asks which option is correct regarding commodity mutual funds that invest in futures contracts. The options are a, b, c, d (all correct).
First, I'll break down each option:
Option a: Gold mutual funds investing through gold futures contracts will have returns equivalent to the global gold spot price every day until the contract expires. Hmm, I remember that futures contracts are agreements to buy/sell at a future date, and their prices can differ from the spot price. However, some funds use rolling strategies to maintain exposure, which might track the spot price over time. But daily equivalence? Maybe not exactly, because futures prices can have contango or backwardation, leading to roll costs. So this might not be correct.
Option b: Oil mutual funds investing through oil futures have the same risk as investing in the crude oil spot market. Wait, futures contracts can have different risks. For example, leverage in futures can amplify risks, and there's also the roll risk when contracts expire. So the risk isn't exactly the same as spot. So option b might be incorrect.
Option c: Oil mutual funds investing in ETFs through futures contracts get returns from price differences and dividends (if any). ETFs that use futures typically generate returns from the price changes of the futures contracts, which include the roll yield (difference when rolling contracts). Dividends aren't usually part of commodity ETFs, unless the ETF holds dividend-paying stocks. But if the question refers to commodity ETFs via futures, then the return would come from price movements and possibly the roll yield. So maybe this is correct.
Option d: All options are correct. If any of a, b, or c are incorrect, then d is wrong.
So, analyzing again:
a: If the fund rolls futures daily, does it track spot? Not exactly. There's the roll cost, so returns might not match spot exactly every day. So a is incorrect.
b: Risk isn't the same as spot because of leverage and roll risk. So b is incorrect.
c: If the oil fund invests in ETFs that use futures, returns come from price differences (like futures price changes and roll yield) and dividends. But commodity ETFs via futures usually don't get dividends. Unless the ETF is holding stocks in oil companies, but the question specifies commodity funds. So maybe c is incorrect. Wait, the option says "Exchange Traded Funds ผ่านสัญญาซื้อขายล่วงหน้า" which translates to ETFs via futures. So the ETF itself uses futures. Then the returns would be from the futures contracts' price movements, which include the contango/backwardation effects (price differences). Dividends aren't part of this. So maybe c is incorrect because there's no dividends. Unless the ETF also holds dividend-paying assets, but the question doesn't mention that. So c might be wrong.
Wait, but the option says "ผลตอบแทนจากส่วนต่างราคาและเงินปันผล (ถ้ามี)" which is "returns from price differences and dividends (if any)". If the ETF doesn't provide dividends, then this part is incorrect. So if the ETF is purely futures-based, there are no dividends. Hence, c is incorrect.
If all options a, b, c are incorrect, then none are correct, but there's no option for that. Wait, the options are a, b, c, d (all correct). But according to my analysis, none of a, b, c are correct. But that can't be, because the options must have one correct answer. Maybe I made a mistake.
Let me recheck:
Option a: Returns equivalent to gold spot every day. If the fund uses daily rolling of futures, maybe it's designed to track the spot. But in reality, due to contango, the returns can deviate. So a might be incorrect.
Option b: Same risk as spot. Futures have different risks, so b is incorrect.
Option c: Returns from price differences and dividends. If the ETF is commodity futures-based, no dividends. So c is incorrect. Unless the ETF holds stocks and futures, but the question says "กองทุนรวมนํามันทีลงทุนใน Exchange Traded Funds ผ่านสัญญาซือขายล่วงหน้า" which is oil fund investing in ETFs via futures. So the underlying ETFs are using futures. Then the ETF's returns would be from futures price changes, not dividends. So c is incorrect.
But then none of a, b, c are correct, which would mean the correct answer is none, but there's no such option. However, the options include d: "ถูกทุกตัวเลือก" which is "all options are correct". But according to my analysis, none are correct. That can't be. So perhaps I'm missing something.
Wait, maybe I'm wrong about option a. If the gold fund uses futures and rolls them daily, maybe the returns do track the spot price. For example, some commodity ETFs like gold ETFs that hold futures contracts are designed to track the spot price by rolling the contracts. However, in practice, due to contango or backwardation, there can be tracking error. But the question says "จะมีผลตอบแทนเทียบเท่ากับผลตอบแทนการลงทุนทองคําในตลาดโลก (Gold Spot Price) ทุกสินวันจนกว่าจะครบอายุสัญญา" which translates to "will have returns equivalent to the gold spot price every day until the contract expires". If the fund holds the futures until expiration, then at expiration, the futures price converges to the spot. But during the holding period, the futures price can differ. So if they hold until expiration, the return would be based on the spot at expiration. But the question says "ทุกสินวันจนกว่าจะครบอายุสัญญา" (every day until the contract expires). So if they hold the contract until expiration, then the daily return would track the futures price, which may not exactly match the spot. Unless they roll daily, which is impractical. So maybe option a is incorrect.
Option c: If the oil fund invests in ETFs that use futures, the returns come from price differences and dividends. If the ETF is structured as a commodity pool that trades futures, there are no dividends. So the "เงินปันผล" part is incorrect. Hence, c is wrong.
So none of a, b, c are correct. But the options don't have a 'none' choice. The options are a, b, c, d (all correct). But according to this, d would be incorrect. However, maybe the correct answer is d, but I must have made a mistake.
Alternatively, maybe I'm misunderstanding the options. Let's re-examine:
Option a: Gold funds via futures have returns equivalent to spot every day until contract expiry. If the fund holds the futures to expiry, then at expiry, the futures price equals spot. But during the holding period, the futures price can differ. So daily returns would not match spot. So a is incorrect.
Option b: Oil funds via futures have the same risk as spot. Futures are leveraged and have different risks, so b is incorrect.
Option c: Oil funds via ETFs (which use futures) have returns from price differences and dividends. If the ETF is purely futures-based, no dividends. So c is incorrect.
But maybe in some cases, ETFs might receive dividends from other holdings, but the question specifies commodity funds investing via futures. So no dividends. Hence, c is wrong.
Therefore, none of the options are correct, but since d says all are correct, which is not the case, but the options don't have a 'none' option. This suggests that perhaps the correct answer is d, but I must have made a mistake in analysis.
Wait, maybe I'm wrong about option a. If the gold fund uses a strategy that rolls the futures contracts daily to maintain a position, then the returns would closely track the spot price minus the roll costs. But the question says "ทุกสินวันจนกว่าจะครบอายุสัญญา" which translates to "every day until the contract expires". If they hold the contract until expiration, then the return at expiration would match the spot, but daily fluctuations would still be based on futures prices, which may not exactly match spot. So a is incorrect.
Alternatively, maybe the question is referring to the fact that the futures price converges to the spot at expiration, so over the entire period until expiry, the return would be equivalent to the spot. But daily returns would still differ. So the statement in a is incorrect.
Given that, none of the options a, b, c are correct. But since the options don't include a 'none' choice, perhaps the intended answer is d, but that's conflicting. Alternatively, maybe I'm missing something.
Wait, maybe option c is correct. If the ETF invests in futures, the returns come from the price difference (i.e., the change in futures prices) and any dividends. But commodity ETFs via futures don't pay dividends. However, if the ETF also invests in dividend-paying instruments, maybe. But the question specifies "กองทุนรวมนํามันทีลงทุนใน Exchange Traded Funds ผ่านสัญญาซือขายล่วงหน้า" which translates to "oil fund that invests in ETFs through futures contracts". So the underlying ETFs are using futures. If those ETFs are commodity ETFs, they don't pay dividends. So the "เงินปันผล" part is incorrect. Hence, c is wrong.
Therefore, none of the options are correct, but since d is an option, maybe the correct answer is d, but that's not possible. This suggests that there might be a mistake in the question, or perhaps my analysis is wrong.
Alternatively, maybe option a is correct. For example, if the gold fund uses daily rolling of futures contracts, then the returns would track the spot price. But in reality, due to contango or backwardation, there's a roll yield that affects returns. So the returns wouldn't exactly match the spot. Hence, a is incorrect.
Given all this, I'm confused because none of the options seem correct, but the answer must be one of them. Maybe the correct answer is d, but I'm not sure. Alternatively, maybe option c is correct. Let me think again.
Option c: Oil funds investing in ETFs via futures get returns from price differences and dividends. If the ETF is an equity ETF that invests in oil companies and uses futures, then dividends could be part of it. But the question says "กองทุนรวมสินค้าโภคภัณฑ์" which is commodity funds. So the underlying ETFs are commodity ETFs, which don't pay dividends. Hence, c is incorrect.
Wait, but maybe the ETFs are not directly holding commodities but are holding futures and other assets that might generate dividends. For example, some commodity ETFs might hold Treasury bills as collateral, which generate interest, but that's not dividends. So the "เงินปันผล" part in option c might be referring to interest, but the term used is "เงินปันผล" which specifically means dividends. So that's incorrect.
Therefore, none of the options a, b, c are correct. But since d is an option, and the question must have a correct answer, perhaps the intended answer is d. But according to my analysis, that's not the case. Maybe I made a mistake.
Alternatively, maybe option a is correct. If the gold fund holds futures to maturity, then the return at maturity is based on the spot price. But the question says "ทุกสินวันจนกว่าจะครบอายุสัญญา" (every day until the contract expires). So during the holding period, the futures price can deviate from spot, but at expiration, it converges. So the return over the entire period would match spot, but daily returns would not. Hence, a is incorrect.
I'm stuck. Maybe the correct answer is c. Let me check again. If the oil fund invests in ETFs that use futures, the returns come from price differences (futures price changes) and dividends. If the ETF holds futures, there are no dividends. But if the ETF also holds some dividend-paying securities, then yes. But the question specifies commodity funds, so likely no dividends. Hence, c is incorrect.
Given that, perhaps the correct answer is none of the above, but since that's not an option, maybe the question is flawed. However, in exam settings, you have to choose the best possible answer. Given that, maybe the intended answer is c, assuming that the ETFs might generate some form of income, but I'm not sure. Alternatively, maybe the answer is d, but I can't see how all options are correct.
Wait, maybe option a is correct. If the gold fund uses futures and rolls them daily, the returns would closely track the spot price minus roll costs. But the question says "ผลตอบแทนเทียบเท่ากับผลตอบแทนการลงทุนทองคําในตลาดโลก (Gold Spot Price) ทุกสินวันจนกว่าจะครบอายุสัญญา" which means the returns are equivalent to the gold spot price every day until expiration. If they roll daily, then theoretically, the returns would track the spot. But in practice, due to contango, this isn't the case. However, maybe in the context of the question, it's considered correct. So maybe a is correct.
If a is correct, then what about b? Option b says the risk is the same as spot. Futures have leverage, so risk is higher. Hence, b is incorrect. So if a is correct and b is incorrect, then d is incorrect. But the options don't allow for that.
Alternatively, maybe all options are incorrect, but the answer is d. That doesn't make sense. I'm really confused here.
Perhaps the correct answer is c. Let me think again. If the oil fund invests in ETFs that use futures, the returns come from price differences (futures price changes) and dividends. If the ETF is structured to include some dividend-paying assets, then yes. But typically, commodity ETFs using futures don't. However, the wording says "ผลตอบแทนจากส่วนต่างราคาและเงินปันผล (ถ้ามี)" which means "returns from price differences and dividends, if any". The "if any" part makes it correct because there might be no dividends, but if there are, they are included. So even if there are no dividends, the statement is still correct because it's conditional. Hence, option c is correct.
If that's the case, then c is correct. Then check a and b.
Option a: Returns equivalent to spot every day. If the fund uses futures and rolls them, the returns might not match spot due to contango. So a is incorrect.
Option b: Same risk as spot. Futures have different risks, so b is incorrect.
Option c: Correct.
Thus, the correct answer is c. But the options include d (all correct). So if only c is correct, then the answer is c. But according to the analysis, c is correct. Therefore, the correct answer key is c.
{"correct_answer_key":"c"}
Explanation:
Thus, the correct answer is c.
This question, about commodity mutual funds that invest in futures contracts, is in Thai. It translates to:
"Which of the following is correct regarding commodity mutual funds that invest in futures contracts? a) Gold mutual funds that invest through gold futures contracts will have returns equal to the returns on investing in gold in the world market (Gold Spot Price) every day until the contract expires. b) Oil mutual funds that invest through oil futures contracts will have the same risk as investing in oil in the world market (Crude Oil Spot Price). c) Oil mutual funds that invest in Exchange Traded Funds through futures contracts will have returns from the difference in price and dividends (if any). d) All options are correct."
None of the options are entirely correct. Futures contracts have different risk and return characteristics than spot prices. They involve leverage and the potential for larger gains and losses. Also, rolling over futures contracts incurs costs and doesn't perfectly track the spot price. While ETFs can invest in futures, their returns are not solely based on price differences and dividends, but also on the performance of the underlying futures contracts.
Therefore, the correct answer is that none of the provided options are correct. Since the JSON format requires selecting one of the provided options, and 'd' implies all others are correct, the closest we can get to indicating that none are correct is to select an option that is demonstrably false. Option 'a' is demonstrably false because futures returns do not equal spot returns daily.
{"correct_answer_key": "a"}
This question is about commodity mutual funds that invest in futures contracts. Let's analyze each option:
a: This is incorrect. Futures contracts have a "roll yield" effect. When the contract nears expiration, the fund must "roll" it over to a later-dated contract. If the futures price is higher than the spot price (contango), this roll results in a loss. If the futures price is lower than the spot price (backwardation), this roll results in a gain. Therefore, the return is not equivalent to the spot price.
b: This is also incorrect. Similar to option A, the roll yield effect in futures contracts means the risk is not the same as investing directly in the spot price of crude oil.
c: This is incorrect. Exchange Traded Funds (ETFs) are not directly related to futures contracts in this context. While some ETFs may invest in futures, the statement that the return comes from price differences and dividends is not generally true for commodity futures-based funds. Commodity ETFs typically do not pay dividends.
d: Since options a, b, and c are incorrect, this option is also incorrect.
Therefore, none of the options are entirely correct. However, the question requires me to choose the most correct answer. Given the nuances of commodity futures investing, none of the options are perfectly accurate. However, option B is slightly closer to being correct than the others, as it acknowledges the risk involved, even if it doesn't fully explain the difference between futures and spot prices. Since I must choose one, I will select the closest option.
{"correct_answer_key": "b"}
The question asks about the characteristics of commodity mutual funds that invest in futures contracts.
{"correct_answer_key":"c"}
คำอธิบาย:
ดังนั้น ตัวเลือกที่ถูกต้องที่สุดคือ c.
{"correct_answer_key":"c"}
Option A is incorrect because futures prices do not perfectly track spot prices daily; there are differences due to factors like cost of carry and market expectations (basis risk). Option B is incorrect because investing in futures involves additional risks, such as basis risk and potential leverage risk, which are different from the risks of investing directly in the spot market. Option C states that a fund investing in ETFs via futures will have returns from price differences and dividends. While futures contracts primarily provide returns from price changes, if the underlying ETF pays dividends, these can contribute to the overall return of the fund, even if not received directly from the futures contract itself (e.g., the futures price might reflect expected dividends, or the fund might use a structure that captures the total return of the ETF). Compared to the clear inaccuracies in A and B, option C is the most plausible correct statement regarding potential sources of return for such a fund.
{"correct_answer_key":"c"}
The question asks which statement is correct regarding commodity mutual funds that invest in futures contracts. Let's analyze each option:
Therefore, option c is the most accurate statement among the choices provided, despite potentially being a simplification of how commodity ETFs and futures work.
{"correct_answer_key":"c"}
Brief Explanation:
Therefore, option c provides the most accurate description among the choices.
{"correct_answer_key":"c"}
This question asks about commodity mutual funds investing in futures contracts. Let's break down the options:
Therefore, the correct answer is c.
{"correct_answer_key":"c"}
คำอธิบาย:
กองทุนรวมที่ลงทุนในสัญญาซื้อขายล่วงหน้า (Futures) ของสินค้าโภคภัณฑ์ เช่น ทองคำหรือน้ำมัน ผลตอบแทนจะไม่เท่ากับราคาสินค้าโภคภัณฑ์ในตลาดโลก (Spot Price) เสมอไป เพราะมีปัจจัยอื่นๆ เช่น โครงสร้างราคา Futures, ค่าใช้จ่ายในการกลิ้งสัญญา (roll over), และความผันผวนของตลาด ตัวเลือก a และ b จึงไม่ถูกต้อง ส่วนตัวเลือก c ถูกต้อง เพราะการลงทุนใน ETF ที่อ้างอิง Futures จะได้ผลตอบแทนจากส่วนต่างราคาและเงินปันผล (ถ้ามี) ดังนั้น ตัวเลือกที่ถูกต้องคือข้อ c
{"correct_answer_key":"c"}
คำอธิบาย:
กองทุนรวมสินค้าโภคภัณฑ์ที่ลงทุนในสัญญาซื้อขายล่วงหน้า (Futures Contracts) มักจะมีผลตอบแทนที่แตกต่างจากราคาสินค้าโภคภัณฑ์ในตลาดโลก (Spot Price) เนื่องจากปัจจัยต่าง ๆ เช่น ค่าใช้จ่ายในการถือครองสัญญา (rollover costs) และความผันผวนของราคาในตลาดล่วงหน้า ดังนั้นคำตอบที่กล่าวว่าผลตอบแทนจะเทียบเท่ากับราคาสินค้าโภคภัณฑ์ในตลาดโลกทุกวันจึงไม่ถูกต้อง
นอกจากนี้ ความเสี่ยงของกองทุนรวมน้ำมันที่ลงทุนผ่านสัญญาซื้อขายล่วงหน้าน้ำมันจะไม่เท่ากับความเสี่ยงของการลงทุนในตลาดน้ำมันโลกโดยตรง เนื่องจากมีปัจจัยอื่น ๆ เข้ามาเกี่ยวข้อง
ส่วนกองทุนรวมน้ำมันที่ลงทุนใน Exchange Traded Funds (ETFs) ผ่านสัญญาซื้อขายล่วงหน้า อาจได้รับผลตอบแทนจากส่วนต่างราคาและเงินปันผล (ถ้ามี)
ดังนั้นคำตอบที่ถูกต้องคือ "ถูกทุกตัวเลือก" เพราะแต่ละตัวเลือกมีความถูกต้องในบริบทของตนเอง
{"correct_answer_key":"d"}
คำถามนี้เกี่ยวกับกองทุนรวมสินค้าโภคภัณฑ์ที่ลงทุนในสัญญาซื้อขายล่วงหน้า ซึ่งเป็นการลงทุนในตลาดอนุพันธ์ที่อ้างอิงกับราคาสินค้าโภคภัณฑ์ เช่น ทองคำ หรือน้ำมัน การเลือกคำตอบที่ถูกต้องควรพิจารณาถึงลักษณะการลงทุนและผลตอบแทนของแต่ละกรณี
ดังนั้น คำตอบที่ถูกต้องคือ ตัวเลือก d
{"correct_answer_key":"d"}
คำอธิบาย:
ดังนั้น ตัวเลือกที่ถูกต้องคือข้อ (c)
{"correct_answer_key":"c"}
คำถามนี้เกี่ยวข้องกับกองทุนรวมสินค้าโภคภัณฑ์ที่ลงทุนในสัญญาซื้อขายล่วงหน้า ตัวเลือกที่ให้มามีดังนี้:
ในบริบทของการลงทุนในสัญญาซื้อขายล่วงหน้า ตัวเลือก A และ B อาจไม่ถูกต้องทั้งหมดเนื่องจากผลตอบแทนและความเสี่ยงของสัญญาซื้อขายล่วงหน้าอาจแตกต่างจากราคาสินค้าโภคภัณฑ์ในตลาดโลกเนื่องจากปัจจัยต่างๆ เช่น ค่าใช้จ่ายในการโรลโอเวอร์สัญญาและความผันผวนของตลาด ตัวเลือก C เป็นไปได้มากที่สุดเนื่องจากการลงทุนใน ETFs ผ่านสัญญาซื้อขายล่วงหน้าอาจให้ผลตอบแทนจากส่วนต่างราคาและเงินปันผล
ดังนั้น ตัวเลือกที่ถูกต้องคือ C
{"correct_answer_key":"c"}
ในการพิจารณาตัวเลือกเกี่ยวกับกองทุนรวมสินค้าโภคภัณฑ์ที่ลงทุนในสัญญาซื้อขายล่วงหน้า ตัวเลือกที่ถูกต้องคือ "ถูกทุกตัวเลือก" เนื่องจากแต่ละตัวเลือกมีข้อมูลที่ถูกต้องเกี่ยวกับการลงทุนในกองทุนรวมสินค้าโภคภัณฑ์ต่าง ๆ
{"correct_answer_key":"d"}
ตัวเลือกที่ถูกต้องเกี่ยวกับกองทุนรวมสินค้าโภคภัณฑ์ที่ลงทุนในสัญญาซื้อขายล่วงหน้าต้องพิจารณาแต่ละข้อ:
ดังนั้น คำตอบที่ถูกต้องคือตัวเลือก C
{"correct_answer_key":"c"}
First, the user has provided a JSON-formatted multiple-choice question, but it's in Thai. I need to understand the question and the options.
The question is: "ตัวเลือกใดถูกต้องเกียวกับ กองทุนรวมสินค้าโภคภัณฑ์ทีลงทุนในสัญญาซือขายล่วงหน้า"
This seems to be: "Which option is correct regarding mutual funds in commodities that invest in futures contracts?"
Options:
a: "กองทุนรวมทองคําทีลงทุนผ่านสัญญาซือขายล่วงหน้าทองคํา จะมีผลตอบแทนเทียบเท่ากับผลตอบแทนการลงทุนทองคําในตลาดโลก (Gold Spot Price) ทุกสินวันจนกว่าจะครบอายุสัญญา"
Translation: "A gold mutual fund that invests through gold futures contracts will have returns equivalent to the returns from investing in gold in the global market (Gold Spot Price) every business day until the contract expires."
b: "กองทุนรวมนํามันทีลงทุนผ่านสัญญาซือขายล่วงหน้านํามัน จะมีความเสียงเท่ากับความเสียงทีลงทุนในนํามันตลาดโลก(Crude Oil Spot Price)"
Translation: "An oil mutual fund that invests through oil futures contracts will have the same risk as investing in oil in the global market (Crude Oil Spot Price)."
c: "กองทุนรวมนํามันทีลงทุนใน Exchange Traded Funds ผ่านสัญญาซือขายล่วงหน้า จะมีผลตอบแทนจากส่วนต่างราคาและเงินปันผล (ถ้ามี)"
Translation: "An oil mutual fund that invests in Exchange Traded Funds through futures contracts will have returns from price differences and dividends (if any)."
d: "ถูกทุกตัวเลือก"
Translation: "All options are correct."
As an AI, I need to evaluate which of these is correct based on general knowledge of finance and investments.
Let me break this down:
Option A: For a gold mutual fund using futures, the returns should track the spot price until the contract expires. This is generally true for futures-based funds; they aim to replicate the spot price performance, but there might be tracking errors due to contango or backwardation in futures markets.
Option B: It says the risk is exactly the same as investing in the spot price. However, futures involve additional risks like rollover risk, margin calls, and basis risk, so it's not exactly the same. Spot investments might have different risks like storage costs.
Option C: For an oil mutual fund investing in ETFs via futures, returns come from price differences (capital gains from futures) and possibly dividends if the ETF holds assets that pay dividends. This seems plausible.
Option D: All are correct.
From my knowledge:
A is mostly correct but not perfectly, as futures don't always track spot perfectly.
B is likely incorrect because risks aren't identical.
C is correct; ETFs can provide returns from various sources.
Since B seems inaccurate, D (all correct) is probably false.
The question is in Thai, and I need to respond in the same format as before: provide a brief explanation, then respond in JSON with the "correct_answer_key".
I need to determine the correct answer. Based on standard financial knowledge:
For A: Yes, commodity ETFs or mutual funds using futures aim to track the spot price.
For B: Risk might be similar but not exactly the same.
For C: Yes, returns can come from price differences and dividends.
Perhaps in the context, A and C are correct, but B is not.
The question might expect A as correct, or maybe D if all are considered true in a simplified way.
Upon second thought, in many educational contexts, these statements are presented as true.
To be precise, I think the most accurate is that A and C are correct, but since it's multiple choice with single select except for D, and D says all, which includes B.
Perhaps the correct answer is A, as it's the most straightforward.
The original instruction was for the previous question, and I need to follow the same pattern.
In my previous response, I explained and then gave {"correct_answer_key":"c"}
I need to do the same.
After a quick mental check, I recall that for futures-based funds, they do track spot prices closely, so A is correct.
For B, it's about risk equivalence, which is debatable, but in some contexts, it's said to be similar.
For C, yes.
But perhaps the question intends A as the answer.
The question is: "Which option is correct", and options include D as "all".
If I have to choose, I think B is the weakest.
Perhaps none are perfectly correct, but that's not helpful.
Upon reflection, in Thai financial education, these might be taught as correct.
To make a decision, I'll go with D, assuming the question is from a source where all are considered correct.
That might not be right. Let's think differently: the user might have typos in the options, as there are spelling errors in Thai.
For example, "กองทุนรวมทองคําทีลงทุน" has "ที" which should be "ที่" (that).
But anyway, I need to respond.
Perhaps the correct answer is A, as it's the first and most direct.
I should select based on accuracy.
Let me assume that A is correct, and B is not, so D is wrong.
The question might be to identify which one is correct, and since it's multiple choice, perhaps A is the intended answer.
In the previous interaction, the answer was C for the apple question.
I need to provide an explanation and then the JSON.
For this, I'll say that option A is correct because futures-based funds track the spot price.
So, my response: Brief explanation: Option A is correct as it accurately describes how futures contracts in gold mutual funds track the global gold spot price.
Then, {"correct_answer_key":"a"}
I'm not entirely sure. Perhaps the question is from a test where D is the answer.
To be safe, I'll go with A.
คำถามนี้ถามถึงตัวเลือกที่ถูกต้องเกี่ยวกับกองทุนรวมสินค้าโภคภัณฑ์ที่ลงทุนในสัญญาซื้อขายล่วงหน้า โดยพิจารณาจากตัวเลือก:
ดังนั้น ตัวเลือกที่ถูกต้องคือ A.
{"correct_answer_key":"a"}
ตัวเลือกที่ถูกต้องเกี่ยวกับกองทุนรวมสินค้าโภคภัณฑ์ที่ลงทุนในสัญญาซื้อขายล่วงหน้า คือ ตัวเลือก d ซึ่งเป็นการรวมความถูกต้องของตัวเลือก a, b, และ c
ตัวเลือก a ถูกต้องเพราะกองทุนรวมทองค่าที่ลงทุนผ่านสัญญาซื้อขายล่วงหน้าทองคำ จะมีผลตอบแทนเทียบเท่ากับผลตอบแทนการลงทุนทองคำในตลาดโลก (Gold Spot Price) ทุกวันจนกว่าจะครบอายุสัญญา
ตัวเลือก b ถูกต้องเพราะกองทุนรวมน้ำมันที่ลงทุนผ่านสัญญาซื้อขายล่วงหน้าน้ำมัน จะมีความเสี่ยงเท่ากับความเสี่ยงในการลงทุนในน้ำมันตลาดโลก (Crude Oil Spot Price)
ตัวเลือก c ถูกต้องเพราะกองทุนรวมน้ำมันที่ลงทุนใน Exchange Traded Funds ผ่านสัญญาซื้อขายล่วงหน้า จะมีผลตอบแทนจากส่วนต่างราคาและเงินปันผล (ถ้ามี)
ดังนั้น ตัวเลือก d ที่ระบุว่า "ถูกทุกตัวเลือก" จึงเป็นตัวเลือกที่ถูกต้อง
{"correct_answer_key":"d"}
To determine the correct answer, let's analyze each option in relation to how commodity funds, particularly those investing in futures contracts, operate.
Option a: This statement suggests that a gold fund investing in gold futures will have a return equivalent to the global gold spot price every business day until the contract expires. However, investing in futures contracts involves factors like rollover (switching to a new futures contract as the current one expires), which can affect returns due to differences in prices between contracts (known as contango or backwardation). Thus, the return may not perfectly track the spot price.
Option b: This option implies that an oil fund investing in oil futures has the same risk as investing directly in crude oil spot prices. While the fund's value is related to crude oil prices, the actual risk can differ due to factors like the roll yield (gains or losses from rolling futures contracts), leverage, and the specific futures contracts used. Thus, the risk is not identical to investing directly in crude oil.
Option c: This statement mentions that an oil fund investing in Exchange-Traded Funds (ETFs) that use futures contracts will have returns from price differences and potentially dividends. ETFs that track commodities via futures can indeed have returns influenced by the change in futures prices. However, commodity ETFs typically do not pay dividends since they usually do not generate income through dividends (as they hold futures contracts, not the physical commodities or stocks that pay dividends).
Given the nuances:
However, without specific details on the exact nature of the funds and ETFs mentioned, and considering typical characteristics:
The best answer is d, assuming the question implies that all statements have some basis in truth or common understanding about commodity funds, despite the explanations above highlighting potential inaccuracies or complexities.
{"correct_answer_key":"d"}
The question is about commodity mutual funds that invest in futures contracts.
Option A is not entirely accurate because the return on investment of a gold mutual fund that invests through futures contracts may not perfectly track the spot price of gold due to factors like contango or backwardation.
Option B is incorrect because investing in oil futures through a mutual fund does not have the same risk as investing directly in the crude oil spot market. Futures contracts have specific expiration dates and can be rolled over, which introduces additional complexities and risks.
Option C seems accurate as it mentions that the return on investment comes from the difference in price and dividends (if any), which is a characteristic of investing in Exchange Traded Funds (ETFs) through futures contracts.
Given the explanations, option C seems to be the most accurate statement.
{"correct_answer_key":"c"}
The question is asking which statement accurately describes a mutual fund that invests in commodity futures contracts. Let's analyze each option:
Given that the question is about a general commodity mutual fund that invests in futures contracts, none of the options A, B, or C specifically address this in a general sense. Therefore, the correct answer is not explicitly provided in the options.
{"correct_answer_key":"d"}
คำอธิบายโดยย่อ:
กองทุนที่ลงทุนในสัญญาซื้อขายล่วงหน้า (Futures) ไม่จำเป็นต้องให้ผลตอบแทนตรงตามราคาสินค้าโภคภัณฑ์ในตลาด (Spot Price) เสมอ เนื่องจากอาจมีต้นทุนการโรลสัญญา (Roll Cost) หรือส่วนต่าง (Basis Risk) ระหว่างราคาฟิวเจอร์สและราคาสินค้าโภคภัณฑ์จริง อย่างไรก็ตาม หากกองทุนลงทุนผ่าน ETF ที่มีหลักทรัพย์อ้างอิง เช่น หุ้นบริษัทที่ทำธุรกิจเกี่ยวข้องกับสินค้าโภคภัณฑ์ อาจมีการจ่ายเงินปันผลได้จริง จึงมีโอกาสได้รับผลตอบแทนทั้งจากส่วนต่างราคาและเงินปันผล
ดังนั้นคำตอบที่ถูกต้องคือ (c)
{"correct_answer_key":"c"}
สัญญาซื้อขายล่วงหน้า (futures) ไม่ได้ให้ผลตอบแทนหรือความเสี่ยงตรงกับราคาสินค้าโภคภัณฑ์ (spot) ในแต่ละวัน เพราะยังมี basis roll yield และต้นทุน/ผลตอบแทนอื่น ๆ เข้ามาเกี่ยวข้อง ดังนั้น
• ข้อ a ไม่ถูก ต้องการผลตอบแทน “เทียบเท่า” Spot ทุกวันเป็นไปไม่ได้
• ข้อ b ไม่ถูก เพราะความเสี่ยงของสัญญาฟิวเจอร์สไม่ได้ “เท่ากัน” กับ Spot มีความเสี่ยงเพิ่มจากการต่อสัญญา ฯลฯ
• ข้อ c ถูกต้อง กองทุนที่อ้างอิง ETF ผ่านฟิวเจอร์สย่อมได้รับผลตอบแทนจากส่วนต่างราคาของ ETF และเงินปันผลของ ETF (ถ้ามี)
{"correct_answer_key":"c"}
สัญญาซื้อขายล่วงหน้า (futures) ให้ผลตอบแทนตามการเปลี่ยนแปลงราคาสัญญา ไม่ได้ตรงกับราคาสปอต (spot) ของสินค้าโภคภัณฑ์ทุกวัน และยังมีผลจากโครงสร้างราคา contango/backwardation ทำให้
• ตัวเลือก a ไม่ถูก – ผลตอบแทนกองทุนทองที่ใช้ Gold Futures ไม่เท่าราคาทองสปอตทุกวัน
• ตัวเลือก b ไม่ถูก – ความเสี่ยงของสัญญา Oil Futures ต่างจากการถือครองน้ำมันสปอต (เช่น เรื่องมาร์จิน เลเวอเรจ และ roll yield)
• ตัวเลือก c ถูก – หากกองทุนลงทุนใน Commodity ETF ผ่านสัญญาซื้อขายล่วงหน้า ผลตอบแทนจะมาจากส่วนต่างราคาฟิวเจอร์สของ ETF และหาก ETF มีการจ่ายเงินปันผล ราคาฟิวเจอร์สจะสะท้อนมูลค่าปันผลนั้น (ผู้ถือสัญญาได้รับผลดังกล่าวผ่านการเปลี่ยนแปลงราคาฟิวเจอร์ส)
ดังนั้นตัวเลือกที่ถูกต้องคือข้อ c
{"correct_answer_key":"c"}
สัญญาซื้อขายล่วงหน้าไม่ได้ให้ผลตอบแทนและความเสี่ยงเท่ากับการถือครองสินค้าจริง (Spot) เนื่องจากมี basis และ roll yield จึงทำให้ข้อความในข้อ a และ b ไม่ถูกต้อง ส่วนข้อ c อธิบายว่าการทำสัญญาซื้อขายล่วงหน้าที่อ้างอิง ETF จะได้ผลตอบแทนตามส่วนต่างราคาของ ETF รวมถึงสิทธิประโยชน์อย่างเงินปันผล (ถ้ามี) ซึ่งเป็นสาระที่ถูกต้องของโครงสร้าง Total‑Return Futures/Swap ที่ใช้กันจริง ดังนั้นข้อ c จึงเป็นคำตอบที่ถูกต้องเพียงข้อเดียว
{"correct_answer_key":"c"}
Option a explains that a gold mutual fund investing via gold futures is designed to mimic the spot price performance of gold until the contract’s expiration. Option b indicates that a crude oil mutual fund investing via oil futures carries risk exposure similar to the spot price of crude oil. Option c points out that when a crude oil mutual fund invests in an Exchange Traded Fund that uses futures, its return can come from both the price differential (roll yield) and dividends (if any). Since each option accurately describes the characteristics of such funds, all statements are correct.
{"correct_answer_key": "d"}
ตัวเลือกทั้งสามข้อ (a, b และ c) แสดงคุณสมบัติของกองทุนรวมสินค้าโภคภัณฑ์ที่ลงทุนในสัญญาซื้อขายล่วงหน้าในสินทรัพย์ต่าง ๆ โดยข้อ (a) ระบุว่ากองทุนทองคำที่ลงทุนผ่านสัญญาซื้อขายล่วงหน้ามีผลตอบแทนที่เปรียบเทียบได้กับผลตอบแทนของทองคำในตลาดโลกตลอดช่วงเวลาจนกว่าจะครบอายุสัญญา ข้อ (b) กล่าวถึงกองทุนน้ำมันที่ลงทุนผ่านสัญญาซื้อขายล่วงหน้าซึ่งมีความเสี่ยงที่สอดคล้องกับการลงทุนในน้ำมันตลาดโลก และข้อ (c) ระบุว่ากองทุนรวมน้ำมันที่ลงทุนใน Exchange Traded Funds (ETF) ผ่านสัญญาซื้อขายล่วงหน้าจะได้ผลตอบแทนจากส่วนต่างราคาและเงินปันผล (ถ้ามี) ทั้งหมดจึงถูกต้อง
{"correct_answer_key": "d"}
คำอธิบาย: สำหรับกองทุนรวมสินค้าโภคภัณฑ์ที่ลงทุนในสัญญาซื้อขายล่วงหน้า แนวคิดหลักคือการใช้ฟิวเจอร์สในการติดตามราคา (หรือผลตอบแทน) ของสินค้าที่เกี่ยวข้อง ซึ่งแต่ละตัวเลือกในคำถามพูดถึงแนวทางที่แตกต่างกันไปของการลงทุนในแต่ละประเภทสินค้า โดย • หมายข้อ ก การลงทุนในสัญญาฟิวเจอร์สทองคำ ที่จะมีการเกี่ยบเทียบผลตอบแทนกับราคาทองคำในตลาดโลก เมื่อสัญญาใกล้ครบกำหนด ราคาฟิวเจอร์สจะลู่เข้าสู่ราคาสปอต • หมายข้อ ข การลงทุนในสัญญาฟิวเจอร์สน้ำมัน ที่จะมีความเสี่ยงใกล้เคียงกับการลงทุนในน้ำมันตลาดโลก เนื่องจากสัญญาและสภาวะตลาดมีความสอดคล้องกัน • หมายข้อ ค การลงทุนผ่าน Exchange Traded Funds (ETF) ที่ใช้สัญญาฟิวเจอร์สในการลงทุนในน้ำมัน ซึ่งผลตอบแทนที่ได้รับจะมาจากส่วนต่างราคาที่เกิดจากการเปลี่ยนผ่านสัญญา (roll yield) รวมไปถึงเงินปันผล (ถ้ามี)
ทั้งนี้แต่ละข้อได้สื่อสารคุณลักษณะการลงทุนในลักษณะต่างๆ ที่สอดคล้องกับหลักการของการใช้สัญญาฟิวเจอร์สเข้าลงทุนในสินค้าโภคภัณฑ์ ดังนั้นคำตอบที่ถูกต้องคือ “ถูกทุกตัวเลือก”
{"correct_answer_key": "d"}
ตัวเลือก c ถูกต้อง เพราะกองทุนรวมนํ้ามันที่ลงทุนผ่าน ETF จะได้รับผลตอบแทนจากส่วนต่างราคาของหน่วยลงทุนและเงินปันผล (ถ้ามี) ขณะที่สัญญาซื้อขายล่วงหน้าไม่ได้ให้ผลตอบแทนเทียบเท่ากับราคาสปอตโดยตรง
{"correct_answer_key":"c"}
ข้อ b ถูกต้องที่สุด เพราะความเสี่ยงของการลงทุนในสัญญาซื้อขายล่วงหน้าน้ำมันจะสะท้อนความผันผวนของราคาน้ำมันดิบในตลาดโลก (Crude Oil Spot Price) ได้ใกล้เคียงกับการถือสินทรัพย์จริง
{"correct_answer_key":"b"}
การลงทุนในสัญญาซื้อขายล่วงหน้าน้ำมัน จะได้รับความเสี่ยงจากความผันผวนของราคาน้ำมันเช่นเดียวกับการลงทุนในตลาดน้ำมันจริง จึงถือว่ามีความเสี่ยงเทียบเท่ากัน
{"correct_answer_key":"b"}
กองทุนรวมสินค้าโภคภัณฑ์ที่ลงทุนในสัญญาซื้อขายล่วงหน้ามักจะมีลักษณะเฉพาะดังนี้:
ตัวเลือก A: กองทุนรวมทองคำที่ลงทุนผ่านสัญญาซื้อขายล่วงหน้าทองคำจะมีผลตอบแทนเทียบเท่ากับผลตอบแทนการลงทุนทองคำในตลาดโลก (Gold Spot Price) ทุกสินวันจนกว่าจะครบอายุสัญญา ซึ่งเป็นคำอธิบายที่ถูกต้องเกี่ยวกับกองทุนรวมทองคำที่ลงทุนในสัญญาซื้อขายล่วงหน้า
ตัวเลือก B: กองทุนรวมน้ำมันที่ลงทุนผ่านสัญญาซื้อขายล่วงหน้าน้ำมันจะมีความเสี่ยงเท่ากับการลงทุนในน้ำมันตลาดโลก (Crude Oil Spot Price) ซึ่งเป็นคำอธิบายที่ถูกต้องเกี่ยวกับกองทุนรวมน้ำมันที่ลงทุนในสัญญาซื้อขายล่วงหน้า
ตัวเลือก C: กองทุนรวมน้ำมันที่ลงทุนใน Exchange Traded Funds ผ่านสัญญาซื้อขายล่วงหน้าจะมีผลตอบแทนจากส่วนต่างราคาและเงินปันผล (ถ้ามี) ซึ่งเป็นคำอธิบายที่ถูกต้องเกี่ยวกับกองทุนรวมที่ลงทุนใน ETF ผ่านสัญญาซื้อขายล่วงหน้า
เนื่องจากทุกตัวเลือก (A, B, และ C) มีคำอธิบายที่ถูกต้องเกี่ยวกับกองทุนรวมสินค้าโภคภัณฑ์ที่ลงทุนในสัญญาซื้อขายล่วงหน้า ตัวเลือกที่ถูกต้องคือ "ถูกทุกตัวเลือก"
{"correct_answer_key":"d"}
Let’s break down the question and analyze each option:
Option A: This suggests that gold funds investing in gold futures will always have returns equivalent to the global spot price of gold (Gold Spot Price) until the contract expires.
Option B: This states that oil funds investing in oil futures will have the same risk as investing in the global spot price of crude oil (Crude Oil Spot Price).
Option C: This claims that oil funds investing in Exchange Traded Funds (ETFs) through futures contracts will generate returns from price differences and dividends (if any).
Option D: This states that all of the above are correct.
{"correct_answer_key":"c"}
Okay, let's tackle this question about commodity mutual funds investing in futures contracts. The question is in Thai, so I need to make sure I understand each option correctly. Let me start by translating and breaking down each part.
The main question is asking which option is correct regarding commodity mutual funds that invest in futures contracts. The options are a, b, c, d. Let me go through each one.
Option a: "Gold mutual funds that invest through gold futures contracts will have returns equivalent to the global gold spot price (Gold Spot Price) every day until the contract expires." Hmm, I remember that futures contracts don't exactly track the spot price perfectly. There's something called contango or backwardation where the futures price can be above or below the spot. So maybe the returns aren't exactly the same every day. So a might be incorrect.
Option b: "Oil mutual funds that invest through oil futures contracts will have the same risk as investing in the global oil spot price (Crude Oil Spot Price)." Risk here could refer to price volatility. Since futures are derivatives, their risk might be similar, but there could be other factors like roll yield when contracts expire and need to be rolled over. So maybe the risk isn't exactly the same. So b might not be correct either.
Option c: "Oil mutual funds that invest in Exchange Traded Funds through oil futures contracts will have returns from price differentials and dividends (if any)." ETFs that use futures might pass on the returns from the futures, which include the price changes. However, do they also get dividends? Wait, commodities like oil don't pay dividends. Maybe the "dividends" here refer to something else, like interest from the collateral? Or perhaps it's a mistranslation. Alternatively, maybe the ETFs might have some distributions. Not sure. Need to think more.
Option d: "All options are correct." If any of the above are wrong, then d is out.
Let me think again. For option a, the key point is that futures don't track the spot price exactly over time. Because when you hold a futures contract, as it nears expiration, you have to roll it over to the next contract, which can lead to losses or gains depending on the market structure (contango or backwardation). So the returns won't exactly match the spot price every day. So a is incorrect.
Option b: The risk of futures might include not just price risk but also the risk from rolling contracts. So the risk profile might not be exactly the same as the spot price. So b might be incorrect.
Option c: If the mutual fund invests in ETFs that use futures, the returns would come from the price changes of the futures. The mention of "price differentials" makes sense. But "dividends" – since oil itself doesn't pay dividends, maybe the ETF might have some other income, like interest from margin accounts, but typically commodity ETFs don't pay dividends. So maybe this part is incorrect. Wait, but the question says "ส่วนต่างราคาและเงินปันผล (ถ้ามี)" which translates to "price differentials and dividends (if any)". If the ETF doesn't pay dividends, then this option might be wrong. Alternatively, maybe the ETFs in question do have some distributions. Hmm, not sure. Alternatively, maybe the "dividends" here refer to the roll yield, but that's not a dividend. So perhaps option c is incorrect.
Wait, maybe I'm misunderstanding. If the mutual fund is investing in ETFs that are themselves using futures, then the ETF's returns would include the price changes of the underlying futures. The "dividends" part might be a mistranslation or a trick. Alternatively, maybe in some cases, the ETF might distribute some income, but generally, commodity ETFs don't. So perhaps option c is incorrect.
Hmm, this is tricky. Let me think again. The question is about which option is correct. If all options a, b, c are wrong, then d is wrong. But maybe one of them is correct.
Alternatively, maybe option c is correct. Let me think again. If the mutual fund invests in ETFs that use futures contracts, then the returns would come from the price changes (differences) of the futures, which is the "ส่วนต่างราคา" (price differential). The "เงินปันผล (ถ้ามี)" (dividends if any) – maybe in some cases, the ETF might have some income from interest on the margin or something, but that's not a dividend. Alternatively, maybe the question is considering the roll yield as part of the return, but that's not a dividend. So perhaps the "dividends" part is incorrect, making option c wrong.
Alternatively, maybe the question is correct in option c. Maybe the ETFs do distribute some form of income. Wait, some commodity ETFs, especially those holding physical commodities, might not, but those using futures might have different structures. Alternatively, maybe the question is using "dividends" to refer to the profit from the price difference, but that's not accurate. Hmm.
Alternatively, maybe option b is correct. The risk of the mutual fund investing in futures would be the same as the spot price risk because they're tracking the same underlying. But the risk might also include the basis risk from the futures not exactly tracking. So maybe the risk isn't exactly the same. So b is incorrect.
Wait, the question says "ความเสียงเท่ากับความเสียงที่ลงทุนในน้ำมันตลาดโลก" which translates to "risk is equal to the risk of investing in crude oil spot price". The spot price's risk is the price volatility. The futures would have similar price volatility, but also the risk from rolling contracts. So the total risk might be higher. So b is incorrect.
Hmm, maybe option a is correct? Wait, no, because as I thought before, the returns won't exactly match the spot price every day because of the roll yield. So a is wrong.
So if all a, b, c are wrong, then d is wrong. But that can't be. Maybe I'm missing something.
Wait, let me check option c again. The mutual fund invests in ETFs through futures. The ETFs themselves are using futures. So the mutual fund's returns would come from the ETF's returns, which are based on the futures. The "price differentials" would be the change in the futures price. The "dividends (if any)" – maybe the ETFs distribute any interest earned on the margin or something. For example, some ETFs hold futures and might have cash collateral that earns interest, which could be distributed as dividends. In that case, the ETF might pay a small dividend. So if that's the case, then option c could be correct. So maybe c is correct.
Alternatively, maybe the question is considering that the ETFs might have some other income, so the returns include both price changes and any dividends (even if small). So option c is correct.
If that's the case, then the correct answer would be c. Then, since the other options are incorrect, d (all correct) is wrong. So the answer is c.
The question asks about commodity mutual funds investing in futures contracts. Here's the analysis:
{"correct_answer_key":"c"}
กองทุนรวมสินค้าโภคภัณฑ์ที่ลงทุนในสัญญาซื้อขายล่วงหน้าจะมีความเสี่ยงและผลตอบแทนที่เกี่ยวข้องกับราคาสินค้าโภคภัณฑ์ในตลาดโลก เช่น ทองคําและนํามัน ดังนั้น ตัวเลือกที่ถูกต้องคือทั้งสามตัวเลือกที่กล่าวถึงการลงทุนในสัญญาซื้อขายล่วงหน้าและผลตอบแทนหรือความเสี่ยงที่เกี่ยวข้อง
{"correct_answer_key":"d"}
Alright! Let's tackle this question about commodity mutual funds and futures contracts. The user provided a multiple-choice question in Thai, asking which option is correct regarding a mutual fund that invests in futures contracts for commodities. The options are labeled a through d.
First, I need to understand each option carefully. Option a talks about a gold mutual fund investing via futures and having returns equivalent to the spot price of gold every day until the contract expires. That doesn't sound right because futures prices can differ from spot prices due to factors like contango or backwardation. So, the returns might not perfectly match the spot price daily.
Option b mentions an oil mutual fund investing via futures and having the same risk as investing directly in oil spot prices. This seems off too because futures involve leverage and expiration dates, which add different types of risks compared to spot investments. The risk profiles aren't identical.
Option c states that an oil mutual fund investing in ETFs via futures will get returns from price differences and dividends, if any. This makes sense because ETFs can earn income from dividend payments, and futures trading involves profits or losses from price changes. So, this option appears accurate.
Option d claims all options are correct, but since a and b are incorrect, d must be wrong as well.
Putting it all together, the correct answer should be option c.
{
"correct_answer_key": "c"
}