A company has a $36 million stock portfolio with a beta of 1. The S&P index is currently at 1200. Option contracts on $100 times the index can be traded. What position in index option contracts should be taken to hedge the portfolio against a loss of more than $3,000,000?

A) Buy 25 put contracts with a strike price of 1100

B) Buy 25 put contracts with a strike price of 1200

C) Buy 25 call contracts with a strike price of 1100

D) Buy 3000 put contracts with a strike price of 1100

E) Buy 3000 call contracts with a strike price of 1200