1. You are in the U.S., and are managing a portfolio worth $834 million, with a beta of 1.40, and volatility 31%. You would like to use futures contracts to adjust your beta to a level of 1.84. At your disposal, you have mini S&P500 futures contracts (pegged to $50 times the S&P500 index). The index has volatility 20%. The current one year futures price is 1552. What position should you take in the one year futures contract?

   		4729 short positions.
   		4729 long positions.
   		7330 long positions.
   		7330 short positions.