1. (Chapter 2) You are managing an active mutual fund that tries to beat the S&P1500 index. There is an actively-traded exchange traded fund (ETF) on the benchmark index (Symbol: SPR), you are considering adding a bearish SPR derivatives position to your portfolio. You can either buy an SPR put option, sell an SPR call option, or sell an SPR futures contract. Based on your forecast, your fund will earn higher returns than the index most of the time. However, there is a risk that your fund could earn lower returns than the index when the index has a substantial negative return. Which of these bearish option positions (Buy SPR Put, Sell SPR Call, Sell SPR Future) is most appropriate to implement and why