The topic on bond’s duration adjustment via futures contract has been covered in two Study sessions - SS#9, SS#13. The former uses dollar duration for calcs while the latter uses duration for calcs. Typically the # of contracts for hedge calculated is multiplied by a hedge ratio to correct for basis risk + difference in volatility. There seems to be two interpretations for this hedge ratio: SS#13 - the hedge ratio is basically just the yield beta. SS#9 - the hedge ratio is a bit more complex calcs. It is the ratio of duration of bond to future multiplied by yield beta. Which one do we use - would yield beta alone be sufficient as the hedge ratio? For ref, in schweser, the SS#13 calcs are shown on page 119 (book 4), the SS#9 calcs are shown on page 76 (book 3). - BN