3. The Beta Bear Plus ETF (Exchange Traded Fund) is constructed so that its average return is equal to two times (200%) the additive inverse (opposite) of the average return on the market index. In other words, Upper E left parenthesis k Subscript p Baseline right parenthesis equals negative 2 times Upper E left parenthesis k Subscript Upper M Baseline right (Ekp=2EkM.) Where k Subscript pkp is the return on the fund and k Subscript Upper MkM is the return on the market portfolio. This ETF is designed for investors who want to make money when the market falls. If the risk-free return is

3.90% and the expected return on the market is 10.60% , then what is the beta of this fund?

The beta of the Beta Bear Plus ETF is