A short hedge is initiated on the S&P 500 at time t=1. The hedger buys an S&P 500 ETF at this time and sells the E-mini S&P 500 futures contract against it at this time. The trade is put on so the hedge is a "perfect hedge" if held until maturity. The S&P 500 ETF price at time t=1 is $3,900 and the futures price at time t=1 is $3,950. The hedge is later closed by the trader at time t=2 when the S&P 500 ETF is at a spot price of $3,700 and the futures price of the S&P 500 is at $3,650. What profit or loss on this closed out hedge occurs due to basis risk incurred by the hedger over the period? Group of answer choices $50 profit $50 loss $100 profit $100 loss $150 profit $150 loss $0