You own 1,000 shares of Apple. Apple has a monthly beta of 1.28 to the S&P500 Index. The current 3-month e-mini S&P 500 Future is trading at 4,038.5; the contract unit is $50 * S&P 500 index value (so each contract is worth $50*4038.5). You have a negative view about the market and think Apple price would go down; you want to hedge that exposure.

1. How many e-mini S&P 500 Future do you need to hedge your Apple exposure?

2. Do you short/long these future contracts?