An investors current portfolio size is $55 million with a beta of 1.50. Here beta can be used as proxy of hedge ration. He has some open short position and he wants to use S&P 500 futures to hedge this position. S&P 500 futures are currently priced at $450 in the market. What will be the size of the future hedge to offset the risk associated with investors portfolio? What action will be taken by the investor?