Business and Personal Finance Dictionary

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• ZERO GAIN COLLAR
  
  A Costless Collar (q.v.) consisting of a short Call (q.v.) and long Put (q.v.), where the short Call's strike is ATM (q.v.). Hence, when owned in combination with a long position in the underlying, the Zero Gain Collar gives up all the underlying's upside gain, and the combined position can never show a profit.
  
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