An investor buys a call option and a put option that both expire in $1$ month and have the same strike price. What is the name of this strategy and what is the purpose of the strategy?

An investor buys a call option and a put option that both expire in $1$ month and have the same strike price. What is the name of this strategy and what is the purpose of the strategy?

Collar; to hedge against the underlying stock price volatility in $1$ month

Straddle; to hedge against the underlying stock price volatility in $1$ month

Collar; to hedge against the underlying stock downside risk in $1$ month

Straddle; to hedge against the underlying stock downside risk in $1$ month

Straddle; to speculate on the underlying stock price volatility in $1$ month