Series 3 · Category study
Series 3 Spreading Study Guide
Spreads involve simultaneous long and short futures positions related by market, maturity, or product. They typically express a relative-value view rather than an outright directional bet.
What this topic covers
Learn to identify calendar and intermarket structures and why spread risk differs from outright speculation. Focus on the economic relationship between legs, not on predicting prices.
ExamYield currently includes 50 original practice questions in this category.
Important concepts
- Calendar and intramarket spreads
- Intermarket spread themes
- Relative-value risk versus outright risk
- Spread margin concepts at a high level
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