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You are long in a portfolio of major US stocks with a beta of 1 . 5 . The size of the portfolio is $

You are long in a portfolio of major US stocks with a beta of 1.5. The size of the portfolio is $5 million. The price of a futures contract on the S&P 500 is 1000 and one contract is on $250 times the index. What position in futures contracts on the $&P500 is necessary to hedge the portfolio?
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