XYZ Corporation, a U.S.-based multinational firm, has significant operations in Europe and receives a large portion of its revenues in euros. Due to fluctuations in currency exchange rates, XYZ is concerned about the potential impact of a depreciating euro on its financial results. To mitigate this currency risk, the company is considering various hedging strategies.

Which of the following hedging strategies would be most effective for XYZ Corporation in protecting its revenues from euro depreciation?