Hedging of a spot price (cash position) by using both a futures contract and an option. The size of the hedge, therefore, is said to have been doubled, while the size of the exposure is still unchanged. For example, an investor can combine the following two positions: long a put option for 2 million dollars and short futures for the same amount. This way, the investor can hedge his long position (2 million dollars) in a portfolio of stocks against bearish markets.