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The contract size of S&P 500 Futures is $250 x S&P 500 futures price. The future Price of S&P 500 is 1,000. A portfolio of

The contract size of S&P 500 Futures is $250 x S&P 500 futures price. The future Price of S&P 500 is 1,000. A portfolio of $5 million with a beta of 1.5 needs to be hedged (i.e., beta is to be made 0). How many contracts are required? Should I buy or sell the contract

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