Multi-Pair Caps

A pair is long $3,000 of a coin with BTC beta 0.7 and short $3,000 of a coin with BTC beta 1.1. Which way does it lean?

• Neither, the dollars match
• Long Bitcoin, because it is long a coin
• Short Bitcoin, by $1,200

The net BTC cap binds. Two pairs add to the breach and one offsets it. Which pairs does the course's rule scale?

• All three, by the same factor
• Only the two that add to the breach, by one common factor
• Only the largest pair, until the cap is met