I want to know the answer: The S&P 500 futures contract is on $250 times the price of the index and the current price of the futures index 998. Construct a hedge on a portfolio that is identical to the S&P 500 which is currently worth $10,000,000. The hedge position is for an individual who owns the portfolio.

In addition, calculate what position would be needed to change the portfolio's b (beta) to 1.5? I don't know how to calculate?