定义
A collar is an options strategy that limits both the downside loss and upside gain on a security position by simultaneously purchasing a protective put and selling a covered call.
A protective put gives the holder the right to sell a security at a set price, establishing a floor below which losses cannot grow. A covered call, sold against the same position, gives another party the right to purchase the security at a higher price, establishing a ceiling on gains. The premium received from selling the call can offset some or all of the cost of purchasing the put, which is why the strategy is sometimes described as a "put floor funded by a call ceiling."
Collars are most commonly considered by families holding a large concentrated stock position, perhaps a founder who retains significant shares after a company's public offering. The collar limits catastrophic downside if the stock falls sharply, while the tradeoff is surrendering gains above the call's strike price. This can be an emotionally and financially difficult tradeoff when the holder believes strongly in the company's long-term prospects.
A frequent confusion is treating a collar as equivalent to selling the position. Economically, the exposure is hedged within a band, but legal ownership and (depending on structure) tax treatment may differ significantly from an outright sale. The tax and securities-law implications of collar strategies on restricted or large holdings are highly fact-specific. Families should consult a qualified attorney and tax advisor before evaluating this or any related hedging approach.
最近审阅 August 25, 2026 · 编辑政策