单选题 An analyst does research about commodity. For an investor with a long-term time horizon, the return from rolling forward the maturity of the derivative position is most likely described as:
A. convenience yield.
B. price return.
C. collateral yield.

【正确答案】 A

【答案解析】[解析] 展期收益(roll yield)也被称为便利收益(convenience yield)，是由于商品期货合约到期后进行展期所获得的收益，当市场价格处于下降过程中时，多头投资者的展期收益为正；而当市场价格处于上升过程中时，多头投资者的展期收益为负。