did we ever figure out the difference with what youre doing from a conceptual standpoint
Synthetic cash assumes that you’re shorting a position to turn it into cash and then investing at the risk-free rate, whereas target beta assumes you’re just altering your exposure (i.e., if you’re going from equity to FI, etc.). All the questions I’ve seen are pretty explicit as to whether you’re going into a cash position or just reallocating an equity position.