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Hedging strategies5 minute read
Protective put vs collar
Compare a purchased downside floor with a collar that funds part of that floor by limiting upside
由 Mark 撰寫 · 官方資料列於文末
直接解答
A protective put pairs stock with a long put, creating a stated expiration floor while leaving stock upside open. A collar adds a short call to help offset the put cost, but caps gains above the call strike. Both positions retain stock risk inside their strike ranges and can involve assignment or exercise mechanics that must be understood before expiration
The put defines the floor
At expiration, a long put can offset stock losses below its strike, subject to the complete position and costs. It does not prevent loss between the stock purchase price and the put strike, and its premium reduces the result if the stock does not fall
The short call funds and limits
Selling a call can reduce the put's net cost. In exchange, stock gains above the call strike are generally given up at expiration, and an American-style short call can face assignment before then
Plan the full lifecycle
Check dividend dates, remaining time value, the account's ability to deliver shares, and whether a close, roll, or exercise would be required. A payoff chart is an expiration map, not a complete operational plan
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