You own $100 million of stocks and want to use E-mini SP500 futures to hedge your portfolio's risk. One E-mini SP500 futures contract's notional value is ($50 SP500 index). Assume the current SP500 index is 3066 and your portfolio = 1.4. How many E-mini SP500 futures do you need to long/short in order to minimize the variance of the hedged portfolio? (Assume you can take fractions of a futures contract.)

A. Long 45662.10 contracts B. Long 913.24 contracts C. Short 45662.10 contracts D. Short 913.24 contracts