A fund manager has a portfolio worth $50 million with a beta of 0.87. The manager is concerned about the performance of the market over the next two months and plans to use three-month futures contracts on the S&P 500 to hedge the risk. The current level of the index is 1250, one contract is on 250 times the index. The current 3 month futures price is 1259.

What position should the fund manager take to change the portfolio to be a reverse double leveraged index ETF over the next two months?