It's July 16. A company has a portfolio of stocks worth $100M. The beta of the portfolio is 2.2. The company would like to use the December futures contract on a stock index to change the beta of the portfolio to 0.6 during the period July 16 to November 16. The index futures price is 1107 and each contract is on $250 times the index.

What position should the company take? Please explain the reason. Thank you!!!