Managing Market Risk through Options Strategy

Jasmine is a portfolio manager at an investment firm that specializes in managing high-net-worth individuals' portfolios. Recently, she has been analyzing her diversified equity portfolio, which includes a mix of domestic and international stocks across various sectors. The portfolio has been subjected to increasing market volatility due to macroeconomic factors including rising interest rates and geopolitical tensions.

To manage the market risk associated with this volatility, Jasmine is considering implementing a hedging strategy using options. She has received several suggestions from her team regarding different approaches to effectively mitigate potential losses in the portfolio. She is trying to weigh the pros and cons of each strategy before making a decision.

Which of the following strategies would be most effective for Jasmine to manage the downside risk of her equity portfolio given the current market conditions?