Consider the following ways of protecting a stock portfolio against price declines.

1. Short 3-month forward contract.
2. Buying at-the-money 3-month put option for cash.
3. Buying and selling an out-of-the-money 3-month put and call option.

Compare these strategies and include what the specific initial cost and expiration date payoff potential would be for each strategy over the next 3 months.