On September $10,$ a financial institution holds a stock portfolio valued at $$120$ million. The portfolio has

a beta of $1\mathrm{.}3.$ The institution aims to use the April futures contract on a market index to adjust the

portfolio$$s beta to $0\mathrm{.}6$ for the period from September $10$ to March $10.$ The index is currently at $2,300.$ The

current futures price of the index is $2,500,$ and each contract is on $$200$ times the index. What position

should the institution take?