mbs issue clarification

what is the difference between a dynamic hedge and a two bond hedge? is one an ex post approach while the other an ex ante approach?

i am not sure about this, but I think that dynamic hedge in the context of MBS is hedging with futures (as opposed to hedging with options), but does not imply that you are doing the 2-bond hedge, just hedging “with futures”

Thanks hala, that gives me something to work with.

I still don’t understand the CFAI Sample exam answer for this question. But I believe that 2-Bond hedge is for to hedge int. rate risk ( parallel and non-parallel shifts), while dynamic hedge is for in rate volatility (at least based on their answer).