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Neil has an equity portfolio that is indexed to the S&P 5 0 0 . He has $ 7 million of excess cash in his

Neil has an equity portfolio that is indexed to the S&P 500. He has $7 million of excess cash in his portfolio due to a recent deposit. He decides to use futures contracts to equitize this cash. The S&P 500 futures contracts are priced at 4300 and the multiplier is 250. What futures position should Neil take to equitize this cash?

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