- You are a portfolio manager with a $60 million value portfolio that has a beta of 1.21, relative to the S\&P 500. The E-mini S\&P 500 futures are trading at 3,772 , and the multiplier is 50 . You would like to hedge your exposure to market risk over the next few months. Identify whether a long or short hedge is appropriate and determine the number of S\&P 500 contracts you need to implement the hedge