Consider a portfolio that currently holds 10,000 shares of an exchange-traded fund that tracks the Index. An investor is worried the Index will decline and suggests a delta hedge as a strategy to protect against small moves in the Index. What position could be used to hedge larger movements in the Index? (TRUE means the strategy is a correct one, FALSE means the statement about the strategy is incorrect). An investor believes they need a long position in put and this put-based hedge strategy for an ETF position would most likely result in a portfolio gamma that is negative. True or false?