You are the manager of the Blake Gow Investment Fund. On 12 July, you receive notice that the fund will be sold on 30 August. The fund comprises a diversified portfolio of listed Australian shares. It is currently valued at $8 million. On 12 July, the S&P/ASX Index was 5360 and you hedged this risk by selling 60 September SPI 200 futures at a contract price of 5335. On 28 August, the S&P/ASX Index was 6361 and the contract price of the September SPI 200 futures contract was 6335. The value of the portfolio had increased to $9.2 million. Each point in SPI200 contract is worth $25.

Your gain (or loss) due to basis, risk was: