I wonder why no exchange offers a beta index futures contract (that I am aware of). It would seem like a perfect contract for momentum funds to hedge with and it would probably lead the other futures indexes attracting speculators. In this lower volatility environment a beta index contract would give more opportunity for intraday trading as high beta implies greater than market average movement. Check out a daily or intraday chart of the NY beta index (symbol $nhb or nhb.x ). This is just for NYSE stocks. An exchange could make up their own beta index including Nasdaq stocks. Perhaps an O'Neil beta index?