Similarly, if an investor starts with a portfolio that has a beta of one but would like lower market exposure, it is easy to just reduce the beta exposure with an increase in cash to the level desired. It can be done through cash and the risky asset without resorting to greater complexity.
Find the best return to risk portfolio and then adjust to the volatility desired. If this can be done with investments which do not need to borrow such as swaps and futures, all the better. This approach is both elegant and simple.