Suppose you purchased 500 shares of the Fidelity Nasdaq Composite Index Tracking

Suppose you purchased 500 shares of the Fidelity Nasdaq Composite Index Tracking Stock (ticker = ONEQ) on January 1 at $50 each. On March 1 the price reached $60 and you became nervous at having earned a large return in two months.Rather than sell your shares you decide to hedge by selling June E-mini NASDAQ composite futures contracts (multiplier = 20) which settled at 1508 on March 1. Since the tracking stock and futures are on the same asset the beta is 1 and the hedge ratio is: HR = INT(((500*60) / (20*1508))*1) = 1When the contract settles in June the ONEQ shares are selling for $45 and the futures for 1105.Calculate the profit on the stock and the futures from March 1 to the settle day in June