Suppose you have a stock market portfolio with a beta of 1.15 that is currently worth $300 million. You wish to hedge against a decline using index options. Suppose you decide to use SPX calls. Calculate the number of contracts needed if the call option you pick has a delta of 0.50 and the S&P 500 Index is at 2050. (A negative value should be indicated by a minus sign. Do not round intermediate calculations. Round your answer to the nearest whole number.) points Number of option contracts eBook Print References