What is the delta of an ETF fund like NIFTY BEES and BANKBEES


I recently learnt about NIFTYBEES and BANKBEES. I want to try paper trading some hedging strategies with NIFTYBEES and BANKBEES (BEES+Options). So, I would like to know the Delta of these two BEES.

Is the delta of a these BEES fund derived by dividing by Index value. e.g NIFTY is 10876 today [2-dec-2018] and I see NIFTYBEES value as 1135. So, delta would be? (1135/10876=0.1)? Is this delta value constant?
for bankniftyBEES (2736/26862=0.1)? Again is this delta constant? Does it have a vega value also?

Any pointers towards some good strategy also helpful. I was watching this video when I got to know about this.
Hope this video helps others too. https://www.youtube.com/watch?v=wgCMUdhh-yM

BEES are not options, options have the full range of Greeks applicable.

The Delta part can be assumed to be correct, but it if you have a delta 0.1, its gamma will always be 1.
Bcos Gamma is constant, you can have a constant delta.

So BEES will move more like futures rather than options.
Since BEES are not options, they wont have Vega or Theta the way I see it.

That was my understanding too. Thanks for confirming.

I believe one has to see tracking error for these instead delta, as these track their respective indices.

Hi Should we have any SL for CE writing against Bankbees or simple wait till Spot crosses Strick price