8. FUTURES (1 point) The S&P 500 index is currently at 3,500. You are managing a 3.5 million $ passive indexed fund. The contract multiplier of the S&P 500 is 50$.

If you have a bearish view of the market, how many futures and what position will you take in the future of the S&P 500 (buyer or seller) to eliminate your exposure to the market?

If the T bill rate is currently at 0.25% and the dividend yield of the S&P500 is 1.8%, what is the parity value of the 1-year futures price?

Please, show what will have been the profit of your position if finally, there is a market crash, and the S&P 500 is 25% below the current price at delivery (1 year from now) and you bought at the theoretical price.