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AcademyAdmissions openLive online NISM Series V-D trainingStarts Oct 26, Nov 2 or Nov 9 · 10 days · Daily 7:30–8:30 PM IST · ₹2,999View courseOpen window2 SIF NFOs openFirst close · 14 OctReview NFOsMarket34 SIFs liveDaily NAVs trackedExplore fundsResearchNewSeptember SIF performance reportFinal NAVs and rankingsGet reportPartnersBuild your SIF distribution practiceResearch and supportPartner desk
AcademyAdmissions openLive online NISM Series V-D trainingStarts Oct 26, Nov 2 or Nov 9 · 10 days · Daily 7:30–8:30 PM IST · ₹2,999View course
Open window2 SIF NFOs openFirst close · 14 OctReview NFOs
Market34 SIFs liveDaily NAVs trackedExplore funds
ResearchNewSeptember SIF performance reportFinal NAVs and rankingsGet report
PartnersBuild your SIF distribution practiceResearch and supportPartner desk
AcademyAdmissions openLive online NISM Series V-D trainingStarts Oct 26, Nov 2 or Nov 9 · 10 days · Daily 7:30–8:30 PM IST · ₹2,999View course
Open window2 SIF NFOs openFirst close · 14 OctReview NFOs
Market34 SIFs liveDaily NAVs trackedExplore funds
ResearchNewSeptember SIF performance reportFinal NAVs and rankingsGet report
PartnersBuild your SIF distribution practiceResearch and supportPartner desk
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Academy/NISM Series XIII/Chapter 4
4
Chapter 4 of 10

Strategies Using Futures

24 marks (16%)~8 hours study14 sections · 12 practice questions

Learning objectives

  • Construct simple hedge, speculative, and arbitrage strategies using futures.
  • Compute the optimal hedge ratio for a portfolio using index futures.
  • Identify cash-and-carry and reverse cash-and-carry arbitrage opportunities.
  • Use futures spreads (calendar, inter-commodity) to express views.
  • Apply futures hedging in a SIF / mutual-fund portfolio context.

Topics covered

01Hedging strategies — long hedge, short hedge
02Hedge ratio calculation
03Beta hedging of equity portfolios
04Cash-and-carry arbitrage
05Reverse cash-and-carry arbitrage
06Speculation — long and short positions
07Calendar spreads
08Inter-commodity / inter-product spreads

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Chapter 1 (Basics of Derivatives) is free to read. Chapters 2 through 10 — plus all 120+ practice MCQs and the 6-week study plan — unlock with a free Academy account. No payment, no credit card.

A peek at what's inside Chapter 4:

14
study sections
First section: "Why this chapter matters"
13
cheat-sheet terms
Includes: Short hedge, Long hedge, Hedge ratio formula...
12
practice MCQs
Interactive — click an option to reveal the correct answer + explanation
3 underlying tabs
Equity / Currency / Interest Rate views
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