Question 3 It is July 16. Mr. A has a portfolio of stocks worth of $10 million. The historical data for the portfolio return and the stock market index (S&P500) return during the last 6 months are given in the table. He would like to use the CME December futures contract on the S&P500 to change the beta of the portfolio to 0.5 during the period July 16 to November 16. The index futures price is 1000 and each contract is on $250 times the index. What position should Mr. A take? Return of the Return of the Portfolio % Month S&P500 % 1 -5 -3 2 3 5 3 -2 -3 -2 1 5 4 3 6 6