Front Month Exposure

For commodity futures this is the beta adjusted exposure to the front month contract. For the front month contract itself, the front month exposure is equal to the market value.

For commodity future options, the delta-adjusted exposure is multiplied by the front month beta of the underlying futures contract. For an option on the front month contract, the front month exposure is equal to the delta adjusted exposure.

For all other securities, front month exposure is equal to the delta adjusted exposure.