Futures price of S&P 500 is 2500; Size of portfolio is $5 million; Beta of portfolio is 1.5. One contract is on $250 times the index. What position in futures contracts on the S&P 500 is necessary to hedge the portfolio? _______________ What position is necessary to reduce the beta of the portfolio to 0.75? _______________ What position is necessary to increase the beta of the portfolio to 2.0? _______________