A company has a $60 million stock portfolio with a beta of 1. The S&P index is currently at 2000. Option contracts on $100 times the index can be traded. What position in index option contracts should be taken to hedge the portfolio against a loss of more than $9,000,000?

Group of answer choices

Buy 300 call contracts with a strike price of 1700

Buy 300 put contracts with a strike price of 2000

Buy 300 put contracts with a strike price of 1700

Buy 15 put contracts with a strike price of 1700

Buy 15 call contracts with a strike price of 2000