A fund manager wishes to insure the minimum value of their stock portfolio against a fall in the value of the ASX 200 market index, but retain potential for a gain should the market index rise. Which of one the following option positions is best suited for their hedging needs?

Select one: a. Sell put options on the ASX 200 index. b. Buy put options on the ASX 200 index. c. Sell futures contracts on the ASX 200 index. d. Buy futures contracts on the ASX 200 index.