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You have a stock market portfolio with a beta of 0.9 that is currently worth $638 million. You wish to hedge against a decline using

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You have a stock market portfolio with a beta of 0.9 that is currently worth $638 million. You wish to hedge against a decline using index options. Suppose you decide to use SPX calls. Calculate the number of contracts needed if the call option you pick has a delta of 0.4, and the S&P 500 Index is at 1,160. (Writing options should be indicated by a minus sign. Round your answer to the nearest whole number.) Call contracts

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