Please note D is not the correct option for sure it has to be A B or C

An equity manager has a share portfolio and wants to protect the value of her portfolio using FTSE 100 Index futures because there is growing uncertainty. Which one of the following is likely to happen? A. Speculators and the equity manager are likely to buy the futures. B. Speculators and the equity manager are likely to sell the futures. C. Speculators are likely to buy and the equity manager is likely to sell the futures. D. Speculators are likely to sell and the equity manager is likely to buy the futures