1. Examine the period from 6/2/2008 to 10/19/2012. Assume that DGL follows the roll schedule in case Exhibit 12 for DBLCI-OY Gold. The GC futures contract prices are listed in case Exhibit 13. How much did the roll yield contribute to the DGL returns?

Exhibit 13 BETTING ON GOLD USING A FUTURES-BASED GOLD ETF GC Futures Contract Prices for Roll Dates of DBLCI-OY Gold, June 2, 2008 to October 19, 2012 (in U.S. dollars) Exhibit 12 BETTING ON GOLD USING A FUTURES-BASED GOLD ETF Futures Contract Roll Schedule for DBLCI-OY Gold Data source: DBLCI-OY roll reports from DBIQ in Deutsche Bank's web-based index portal: https://index.db.com/dbiqweb2/home.do?redirect=homepage