## Overview

Our free CFA Level III Derivatives and Currency Management notes cover everything you need to know for this module. From derivatives for portfolio risk management, currency risk management, to return enhancement and overlay strategies, we've got you covered. Whether you're intensively reviewing or looking to solidify specific concepts, these notes provide added peace of mind, knowing that you have a comprehensive resource to help consolidate and revise effectively for CFA Level III. Think something could be better? [Give us a shout on our contact page](/contact), and we'll take a look.

We've created detailed study guides for all CFA Level III topics. Check out our other free notes below:

- [Ethical and Professional Standards](./cfa-level3-ethical-and-professional-standards)
- [Behavioral Finance](./cfa-level3-behavioral-finance)
- [Private Wealth Management](./cfa-level3-private-wealth-management)
- [Institutional Investors](./cfa-level3-institutional-investors)
- [Capital Market Expectations](./cfa-level3-capital-market-expectations)
- [Asset Allocation and Portfolio Construction](./cfa-level3-asset-allocation-and-portfolio-construction)
- [Fixed-Income Portfolio Management](./cfa-level3-fixed-income-portfolio-management)
- [Equity Portfolio Management](./cfa-level3-equity-portfolio-management)
- [Derivatives and Currency Management](./cfa-level3-derivatives-and-currency-management)
- [Alternative Investments and Private Markets](./cfa-level3-alternative-investments-and-private-markets)
- [Risk Management](./cfa-level3-risk-management)
- [Trading Execution and Rebalancing](./cfa-level3-trading-execution-and-rebalancing)
- [Performance Evaluation and Attribution](./cfa-level3-performance-evaluation-and-attribution)

## 1. Derivatives for portfolio risk management

- [Futures and options overlays](./cfa-level3-derivatives-for-portfolio-risk-management-futures-and-options-overlays)
- [Swaps collars and protective strategies](./cfa-level3-derivatives-for-portfolio-risk-management-swaps-collars-and-protective-strategies)
- [Volatility management and variance swaps](./cfa-level3-derivatives-for-portfolio-risk-management-volatility-management-and-variance-swaps)

## 2. Currency risk management

- [Hedging policies strategic vs tactical](./cfa-level3-currency-risk-management-hedging-policies-strategic-vs-tactical)
- [Forwards options and ndfs](./cfa-level3-currency-risk-management-forwards-options-and-ndfs)
- [Carry value and momentum in fx](./cfa-level3-currency-risk-management-carry-value-and-momentum-in-fx)

## 3. Return enhancement and overlay strategies

- [Portable alpha beta overlays and completion](./cfa-level3-return-enhancement-and-overlay-strategies-portable-alpha-beta-overlays-and-completion)
- [Tail-risk hedging and crisis alpha](./cfa-level3-return-enhancement-and-overlay-strategies-tail-risk-hedging-and-crisis-alpha)
- [Implementation shorting and collateral](./cfa-level3-return-enhancement-and-overlay-strategies-implementation-shorting-and-collateral)

Free CFA Level III Derivatives and Currency Management Study Guide