Dollar beta adds (or subtracts), so we neutralize beta by offsetting dollar beta which is portfolio value multiplied by portfolio beta; or, for the hedge, dollar beta is number of contracts multiplied by notional value per contract (assuming S&P index futures contract with beta ~ 1.0).
David's XLS is here: https://www.dropbox.com/s/jrx2ulg2e5n21ih/stock-index-hedge.xlsx?st=2y4e7kor&dl=0
David's XLS is here: https://www.dropbox.com/s/jrx2ulg2e5n21ih/stock-index-hedge.xlsx?st=2y4e7kor&dl=0
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