A 54-year-old woman is evaluated for severe hot flushes that started about 12 months ago. They occur several times each night, waking her from sleep. They also occur throughout the day, disturbing her concentration at work. She reports being tired with emotional lability. She does not feel depressed but is very frustrated by her symptoms and moodiness. She also reports vaginal dryness with intermittent dyspareunia and is using lubricants with minimal relief. She does not have dysuria and has not noted any abnormal vaginal discharge. She has tried black cohosh, yoga, and increased exercise, but her discomfort persists. Medical history is otherwise significant for hypertension and negative for thromboembolism or cardiac disease. She underwent hysterectomy 5 years ago for fibroids. She is up to date with scheduled health screening interventions, including mammography. Her only medication is hydrochlorothiazide.

On physical examination, blood pressure is 136/80 mm Hg, and her other vital signs are normal. Speculum examination shows pale vaginal mucosa with decreased rugae. The remainder of the physical examination, including the breast examination, is normal.

Which of the following is the most appropriate treatment?