Effective Hedging Strategy for Concentrated Stock Position

As part of a wealth management strategy, a portfolio manager is considering the implementation of a risk management strategy using derivatives for a high-net-worth client. The client has a concentrated position in a technology stock that has appreciated significantly over the last year. Given the current market volatility and the potential for a correction, the portfolio manager is exploring ways to hedge this position without liquidating shares.

The manager is considering the use of options as a tool for risk management and is evaluating different strategies. Out of the following options, which strategy would provide the most effective hedge against a decline in the stock's price while maintaining the upside potential?