Q9 below is based on the following assumptions:

Value of Portfolio	P	$200,000
Value of the assets (index) underlying one Index Futures contract (= futures price * contract size)	A	$5,000
Beta of Portfolio	B	2.8

9. What position and number of Index Futures contracts are needed to reduce the Beta of the portfolio from 2.8 to 0.9 (with B = 0.9)?

(A) Short 112 Index Futures

(B) Short 76 Index Futures

(C) Long 76 Index Futures

(D) None of the above