An investor has a diversified portfolio of US equities. The beta on the portfolio is about $1\mathrm{.}5.$

The investor is concerned about a decline in the value of the portfolio occurring in the next month due to an overall movement in the market.

The investor can trade SPX options that mature in a month.

SPX at the money Calls trade for $60$

SPX at the money Puts trade for $70$

The Current value of the SP $500$is $4300$

Options are traded in lots of $100$

The value of the investors portfolio is $$25,000,000$

The investors' trade should be

Buy or Write

Put or Call

Number of Lots $($round up to nearest whole number$)$

Cost of Trade?