What is the JPM Collar? JPM Collar trade refers to a JPM Hedge Fund which hedges a long equity portfolio using a large options collar trade. Each quarter JPM Hedge Funds add hedge protection in the form of an options collar trade. The sell a 3-5% out of the money call, and use those proceeds to buy a 3-5% out of the money put spread. Related articles What is 25D Risk Reversal? What is the cost of a SpotGamma Subscription? What is Gamma Neutral Hedging? What is Hight Frequency Trading (HFT)? What is Days to Expiration (DTE)?