You have a complex portfolio whose value is related to the S&P index, the index level ("price") is currently 3000. To simplify, interest rates and dividend yields are zero. You consider the approaches of the previous questions: using put contracts to hedge, and using futures contracts to hedge (your exposure to S&P index price movements). Value (S) Delta ($/index level unit) Portfolio 20,000,000 +14,000 Which approach changes your overall portfolio gamma by more? Not enough information is given to determine the answer. Hedging with puts and hedging with futures change gamma equally. Hedging with puts changes gamma more than hedging with futures. Hedging with futures changes gamma more than hedging with puts