It is Jan 31, you expect to sell your stock portfolio 3 months later on April 30. Today the portfolio worths $1 million. And today, price of the April stock index futures is $20000 whereas the May stock index futures is $25000. At the end of April, the value of your stock portfolio becomes $700000. The price of the April stock index futures contract becomes 14000 whereas the price of the May stock index futures becomes 20000. Please calculate the overall profit or loss at the end of April if you had hedged your portfolio with the appropriate futures (correctly chosen) using a simple naive hedge.