PLAYS
Connect
SPY+0.56%QQQ+0.57%BTC+0.12%ETH+0.24%XAU-0.10%ANTHROPIC-0.05%OPENAI+0.23%NVDA+1.51%HYPE+3.53%AAPL-0.10%SOL-0.91%XAG+1.00%SNDK-0.55%GOOGL+0.73%AMD-0.13%MSFT+1.42%AMZN+0.44%LIT+5.97%SPY+0.56%QQQ+0.57%BTC+0.12%ETH+0.24%XAU-0.10%ANTHROPIC-0.05%OPENAI+0.23%NVDA+1.51%HYPE+3.53%AAPL-0.10%SOL-0.91%XAG+1.00%SNDK-0.55%GOOGL+0.73%AMD-0.13%MSFT+1.42%AMZN+0.44%LIT+5.97%
ProductLIVE

Exposure

Gross, net and what balanced means.

TermMeaning
Gross exposureLong notional plus short notional
Net notionalLong notional minus short notional
Notional balancedNet notional is zero

PLAYS says notional balanced and never market neutral. Equal dollar amounts do not make two assets neutral to each other: beta and correlation differ.