CAIA® study notes that show the working
Every reading mapped to its CAIA Association learning outcome, with the fee math, allocation models, and strategy taxonomies worked in full — so you can trace any claim back to the curriculum, not a vendor paraphrase.
Source-cited, never paraphrased
Each note names the LOS it answers and the curriculum reading behind it. When a number matters — a waterfall, a hurdle, an IRR — we run it, not gesture at it.
Alternatives as one ecosystem
Private equity, hedge funds, real assets, and structured products share frameworks across the notes, so you carry one mental model into the exam instead of five disconnected ones.
Built for the format that is tested
Level I notes end on the distinction the MCQ turns on; Level II notes end on the derivation a constructed-response essay must reproduce.
Every topic, both levels
Notes span the full CAIA® curriculum across Level I and Level II. Open any level to see its package.
CAIA® Level I
CAIA® Level II
One note, in full
Why a commodity future can earn a positive roll yield
A commodity total return decomposes into spot, roll, and collateral return. In backwardation, the futures curve slopes down, so rolling a near contract into a cheaper far one earns a positive roll yield; in contango the roll bleeds value.
This is why two funds tracking the same spot index can diverge by double digits over a year — the difference is curve shape, captured in the roll, not the headline price.