Elon Tusk has a $100 million stock portfolio with a beta of 1.8. Mr. Tusk would like to use futures contracts on a stock index to hedge his portfolio risk, and make market risk (portfolio beta) as low as possible. The relevant stock index futures price is currently trading at 3,950 and the contract multiplier is $50 per point. What is the hedge that minimizes Mr. Tusk's stock portfolio risk?

Group of answer choices

Go long 312 stock index futures contracts

Go long 506 stock index futures contracts

Go long 911 stock index futures contracts

Go short 312 stock index futures contracts

Go short 506 stock index futures contracts

Go short 911 stock index futures contracts