Wolfgang owns stock in a pharmaceutical company he believes is highly undervalued. He expects that the stock will significantly increase in value over the long term. He is concerned, however, that the entire pharmaceutical industry may fall out of favor with investors as some larger companies report falling sales. There are no options traded on this stock but Wolfgang would like to hedge against his fears about the pharmaceutical industry. He locates the symbol PHARMA, which is a pharmaceutical exchange-traded fund. Can Wolfgang hedge against the risk he is concerned with by using PHARMA? Using options?