equitizing cash / alpha beta separation through, usually, 161, investor

bchadwick

A market neutral strategy is usually equitized with futures but can also be equitized with ETFs (Schweser Book 3 page 150).

"In an alpha and beta separation approach, the investor gains a systematic risk exposure (beta) through a low-cost fund or ETF, while adding an alpha through a long-short strategy" (Schweser Book 3 page 161).


Based on this, is it true to say that equitizing cash is the same thing as alpha/beta separation (or at least is the same if ETFs are used)?