Chartered Alternative Investment Analyst Association (CAIA) Practice Exam 2025 - Free CAIA Practice Questions and Study Guide

To determine the buyer's break-even futures price, it's essential to consider both the spot price of the commodity and any associated costs that could affect the total expenditure required for the purchase. The break-even price is where the cost of purchasing the commodity in the futures market equals the total cost incurred when purchasing the commodity in the spot market, including storage, transportation, insurance, or any other relevant costs.

In this scenario, if the options provided do not represent the price that aligns with the calculated break-even point, then it suggests that the associated costs may not have been accurately factored into the options given or that the required calculation exceeds the available choices.

Thus, stating that none of the above options accurately capture the buyer's break-even point indicates that the buyer needs to conduct a more thorough assessment of the total costs associated with the futures contract to determine the appropriate futures price that would ensure they neither gain nor lose financially upon entering into the contract.