It is expected that in 6 Months an Investment Manager will invest in Australian equities. However, there is a concern that in the near future they may appreciate. The hedging position is:

selling futures contracts based on the S&P/ASX 50 index now and receiving delivery of the equities in six months.

selling futures contracts based on the S&P/ASX 50 index now and closing this position in about six months with a buy order.

buying futures contracts based on the S&P/ASX 50 index now and receiving delivery of the equities in six months.

buying futures contracts based on the S&P/ASX 50 index now and closing this position in about six months with a sell order.