Risk Management with Derivatives for Equity Portfolio

John is a portfolio manager at XYZ Wealth Management and is considering using derivatives to hedge against potential losses in his equity portfolio. The portfolio has been particularly affected by fluctuations in interest rates and market volatility. John is evaluating three different derivative strategies to mitigate risk.

Which of the following derivative instruments would be most appropriate for John to use to protect his portfolio against decline in the value of the underlying equity positions?