Collar

A strategy that protects a stock position by buying a put and selling a call against it.

A collar combines a protective put, which limits downside, with a covered call, which caps upside, often structured so the premium received from the call offsets the cost of the put. It's a low-cost way to guard a large stock position against a sharp decline in exchange for giving up some potential gains.

To protect his concentrated stock position ahead of the vote, he put on a collar rather than selling outright.