Futures - Is roll return related to rolling-over?

CFA Level III Portfolio Management
#1

According to the alternative investment content,

return regarding future consits of Spot Return, Collateral return, Roll return.

in this context, is ‘roll return’ related to the rolling-over?

I thought roll return comes from selling expensive futures which have short time to expiration and buying cheap futures which have long time to expiration.

CFAI Vol 5 Reading 25 Exhibit 16 (p.49) explains roll return = change in price of futures - change in price of spot and say nothing about selling one futurues and buying another.

So… still confusing with the definition of the word ‘roll’?

#2

rolling over means exactly that.

you buy a futures contract of say 3 months duration with a futures price of f1 today.

3 months later - that contract is due, but you need to keep the futures position going.

so you sell that futures at s1 (today’s spot) and buy a fresh 3 month contract at f2.

your roll return on your position is (f1 - s1).