On June 1 , an Invest-A-Market holds 100,000 shares of the Vanguard S\&P 500 ETF at a market price $352 per share. The corporation is interested in hedging against movements in the market and decides to use the August Micro E-mini S\&P 500 Index futures contract. The S\&P 500 index futures is currently at 3,960 and one contract is for delivery of $5 times the index. The beta of the index portfolio is 1 . How many contracts are required to hedge (round to the nearest whole number)