Using LEAPS With Collars

Many investors have been in a situation where they wish to lock in profits while keeping their existing upside potential. For example, employees who have most of their 401(k)s invested in company stock may want to hedge against any sudden downturn in the company, while investors lucky enough to have struck gold with a solid stock may want to reduce some of their risk and lock in profits.
From: www.investopedia.com