关于short还是long

问题如下：

You are a portfolio manager with a $25 million equity portfolio. The portfolio beta relative to the S&P 500 is 1.5. The S&P 500 futures are trading at 1,000, and the multiplier is 250. You would like to hedge your exposure to market risk over the next few months. Whether a long or short hedge is appropriate, and what is the number of S&P 500 contracts you need to implement the hedge?

选项：

Short 150 contracts.

Long 150 contracts.

Short 100 contracts.

Long 100 contracts.

解释：

A is correct.

考点：Hedging With Stock Index Futures

解析：

$1.5\times\frac{25,000,000}{1,000\times250}=150$ contracts

所以基金经理应该short150份合约来进行对冲。