2. In March, Greg Young, an insurance company portfolio manager for the Stay Solid Insurance Corporation has a stock portfolio of $500 million with a portfolio beta of 1.20. The portfolio manager plans on selling the stocks in the portfolio in June to be able to pay out funds to policyholders for annuities, and is worried about a fall in the stock market. In March, the CME Group E-Mini S&P 500 Futures contract index is 2752.75 for a June futures contract (S50 multiplier for the contract) Suppose in June the stock market (S&P500 index) rises by 10% and the S&P500 futures index rises by 10% as well, what is the portfolio manager's opportunity loss (gain) on his portfolio, and his futures gain (loss) and the net hedging result? a. Spot Gain or Loss Net Hedging Result Futures Gain or Loss c. Would Greg have done better hedging instead by getting put options (options to sell) on S& P500 Mini Futures Contracts? Explain why or why not. Yes or NoExplain why