A speculator expecting a dramatic drop in the level of the ASX200 index over the next 6 months should:

Go short the ASX200 spot and go long index futures so that her overall portfolio beta equals zero

Go short index futures on the ASX200

Check if the futures price on the ASX200 6-momnth contract provides a riskless profit opportunity

Go long index futures on the ASX200

Invest in a mutual fund indexed to the ASX200 and go long index futures on the ASX200