问题如下：
Lastly, Edgarton reviews a separate account for Cefrino’s US clients that invest in Australian government bonds. He expects a stable Australian yield curve over the next 12 months. He evaluates the return from buying and holding a 1-year Australian government bond versus buying the 2-year Australian government bond and selling it in one year.
Based on Exhibit 3, the 1-year expected return of the Buy-and-Hold portfolio for the Cefrino Australian government bond portfolio is closest to
选项：
A.0.83%
1.08%.
2.22%
解释：
B is correct. The total expected return is calculated as:
Total expected return = Yield income + Rolldown return = Rolling yield + E (currency gains or losses).
老师这个题目是否可以直接用YTM减掉currency gain / loss。 因为是投资期和maturity都是1年。 buy and hold + stable yield curve， YTM就是rolling yield？
