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You have a $1.5 million stock portfolio. You short 3 S&P 500 index futures at a price of 1897. In 3 months, the S&P is

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You have a $1.5 million stock portfolio. You short 3 S&P 500 index futures at a price of 1897. In 3 months, the S&P is down 15% as are the futures. You offset your futures position at that time. The contract size on the futures is 250 x price and the initial margin requirement is $23,500. A. Calculate your dollar profit or loss on the futures trade. B. Calculate your HPR on the futures trade

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