为什么不用S&P 500 futures contract 而用 S&P 500 E-mini ？

NO.PZ2023010903000022 问题如下 After termining Winthrop’s objectives anconstraints, the CA47 million portfolio’s new strategic poliis to target long-term market returns while being fully investeall times. Tong recommen quarterly rebalancing, currenheing, ana composite benchmark composeof equity anfixeincome inxes. Currently the USis worth CA.2930, anthis exchange rate is expecteto remain stable ring the next month. Exhibit 2 presents the strategic asset allocation anbenchmark weights.In one month, Winthrop will receive a performanbonus of US,750,000. He believes ththe US equity market is likely to increase ring this timeframe. To take aantage of Winthrop’s market outlook, he instructs Tong to immeately initiate equity transaction using the S P 500 futures contrawith a current priof 2,464.29 while respecting the poliweights in Exhibit 2. The S P 500 futures contramultiplier is 250, anthe S P 500 E-mini multiplier is 50.In preparation for receipt of the performanbonus, Tong shoulimmeately: A.buy two US E-mini equity futures contracts B.sell nine US E-mini equity futures contracts C.buy seven US E-mini equity futures contracts The amount of the performanbonus thwill receivein one month (US,750,000) nee to investepassively baseupon the strategic allocation recommenTong. Using the strategic allocation of the portfolio, 15% (US62,500.00) shoulallocateto US equity exposure using the S P 500 E-mini contract, whitras in US llars. Because the futures priis 2,464.29 anthe S P 500 E-mini multiplier is 50, the contraunit value is US23,214.50 (2,464.29 × 50).The correnumber of futures contracts is (5,750,000.00 × 0.15)/123,214.50 = 7.00.Therefore, Tong will buy seven S P 500 E-mini futures contracts. 为什么是buy 7 而不是sell 7 老师prepare receipt这边不太理解

NO.PZ2023010903000022 问题如下 After termining Winthrop’s objectives anconstraints, the CA47 million portfolio’s new strategic poliis to target long-term market returns while being fully investeall times. Tong recommen quarterly rebalancing, currenheing, ana composite benchmark composeof equity anfixeincome inxes. Currently the USis worth CA.2930, anthis exchange rate is expecteto remain stable ring the next month. Exhibit 2 presents the strategic asset allocation anbenchmark weights.In one month, Winthrop will receive a performanbonus of US,750,000. He believes ththe US equity market is likely to increase ring this timeframe. To take aantage of Winthrop’s market outlook, he instructs Tong to immeately initiate equity transaction using the S P 500 futures contrawith a current priof 2,464.29 while respecting the poliweights in Exhibit 2. The S P 500 futures contramultiplier is 250, anthe S P 500 E-mini multiplier is 50.In preparation for receipt of the performanbonus, Tong shoulimmeately: A.buy two US E-mini equity futures contracts B.sell nine US E-mini equity futures contracts C.buy seven US E-mini equity futures contracts The amount of the performanbonus thwill receivein one month (US,750,000) nee to investepassively baseupon the strategic allocation recommenTong. Using the strategic allocation of the portfolio, 15% (US62,500.00) shoulallocateto US equity exposure using the S P 500 E-mini contract, whitras in US llars. Because the futures priis 2,464.29 anthe S P 500 E-mini multiplier is 50, the contraunit value is US23,214.50 (2,464.29 × 50).The correnumber of futures contracts is (5,750,000.00 × 0.15)/123,214.50 = 7.00.Therefore, Tong will buy seven S P 500 E-mini futures contracts. the S P 500 futures contrawith a current priof 2,464.29 ，权益里给的都是要乘以期货合约价格吗？

NO.PZ2023010903000022 问题如下 After termining Winthrop’s objectives anconstraints, the CA47 million portfolio’s new strategic poliis to target long-term market returns while being fully investeall times. Tong recommen quarterly rebalancing, currenheing, ana composite benchmark composeof equity anfixeincome inxes. Currently the USis worth CA.2930, anthis exchange rate is expecteto remain stable ring the next month. Exhibit 2 presents the strategic asset allocation anbenchmark weights.In one month, Winthrop will receive a performanbonus of US,750,000. He believes ththe US equity market is likely to increase ring this timeframe. To take aantage of Winthrop’s market outlook, he instructs Tong to immeately initiate equity transaction using the S P 500 futures contrawith a current priof 2,464.29 while respecting the poliweights in Exhibit 2. The S P 500 futures contramultiplier is 250, anthe S P 500 E-mini multiplier is 50.In preparation for receipt of the performanbonus, Tong shoulimmeately: A.buy two US E-mini equity futures contracts B.sell nine US E-mini equity futures contracts C.buy seven US E-mini equity futures contracts The amount of the performanbonus thwill receivein one month (US,750,000) nee to investepassively baseupon the strategic allocation recommenTong. Using the strategic allocation of the portfolio, 15% (US62,500.00) shoulallocateto US equity exposure using the S P 500 E-mini contract, whitras in US llars. Because the futures priis 2,464.29 anthe S P 500 E-mini multiplier is 50, the contraunit value is US23,214.50 (2,464.29 × 50).The correnumber of futures contracts is (5,750,000.00 × 0.15)/123,214.50 = 7.00.Therefore, Tong will buy seven S P 500 E-mini futures contracts. 这里题目中给出了CAUS汇率，在什么条件下会用到呢？