Hi traders! Is there a better way to hedge an imaginary 1mm portfolio? Let's say that my portfolio behaves like the market so (beta=1) 1)I could buy sep11@125 puts for 0.94 premium (spy 131.52) 2)Or I could do it via options on ES-sep. (1309,75) 125000 premium 20.25. 1) I would pay 1mm/125*0.94 = 7520 2) I would pay 1mm/(50*1309,75)*20.25*50= ~15000 I know there must be an error in the data I copied from cmegroup website and google finance. Is there any best (cheapest) way to hedge a portfolio? Thanks!