Apple has entered a new era with a familiar market reaction: investors are excited, but they are not prepared to ignore the risks.

Shares of Apple climbed to their strongest session in roughly five weeks as John Ternus officially took over as chief executive from Tim Cook, marking one of the biggest leadership transitions in the technology industry. Ternus is only the third person to serve as Apple CEO this century, giving his arrival unusual significance for a company whose leadership changes have historically attracted enormous attention from investors.

The stock’s rebound has also put a spotlight on a different question: how can shareholders participate in Apple’s next chapter without leaving themselves exposed to a sudden reversal?

One options strategy highlighted by Yahoo Finance provides an unusually inexpensive answer.

Apple shares were trading around $325 early this week, positioned almost exactly between a support area near $310 and a prior record region around $340. That creates a relatively clear range for investors trying to balance opportunity and risk during the leadership transition.

The proposed strategy is known as a collar.

It is not a speculative trade designed for someone simply looking to bet on Apple. Instead, it is intended for an investor who already owns—or is prepared to own—100 Apple shares.

The structure involves buying one Sept. 18 $310 put while simultaneously selling one Sept. 18 $340 call.

Based on an Apple share price of $324.77 when the trade was priced, the put cost approximately $2.17 per share, or $217 for one options contract. The call generated about $2.12 per share, or $212.

That leaves a net cost of only about five cents per share—or roughly $5 for the entire 100-share hedge.

The appeal is straightforward.

The put acts as downside insurance. If Apple falls sharply and finishes below $310 at expiration, the option gains value as the shares decline, helping protect the investor from losses below that strike price.

The call, meanwhile, is what makes the insurance so cheap.

By selling the $340 call, the investor collects premium that almost entirely offsets the price of the put.

But protection is never free in an absolute sense.

In this case, the cost comes in the form of limited upside.

If Apple rises above $340, the investor gives up additional gains beyond that price. The shares could also be called away at the $340 strike, meaning the investor may have to sell the stock at that level.

That trade-off is important because Apple is entering a period when optimism is unusually high.

Ternus formally took over the CEO role from Cook on Sept. 1 after Cook’s roughly 15-year tenure at the top of Apple. Cook remains with the company as executive chairman, while Ternus arrives with extensive experience from Apple’s hardware organization.

His first major public test is arriving almost immediately.

Apple is scheduled to hold its major product event on Sept. 9, just days after the leadership change. The event is expected to introduce the latest iPhone lineup, while speculation has also centered on the possibility of Apple unveiling its first foldable iPhone. It will be the first major Apple product launch of the Ternus era.

That creates a potentially volatile setup for the stock.

Investors could react strongly to the product announcements, particularly if Apple unveils technology capable of reigniting demand in a mature smartphone market.

A foldable iPhone, for example, could give Apple a fresh premium product category while potentially increasing average selling prices and margins. Analysts have suggested that such a product could become an important growth opportunity for the company as it expands into a part of the market currently dominated by Samsung and other manufacturers.

But even a successful product launch would not eliminate the broader risks facing the stock.

Apple remains sensitive to consumer spending, supply-chain challenges, regulatory pressure and the market’s expectations for future growth. With the company already carrying an enormous valuation, investors may react harshly if the next generation of products fails to justify the optimism priced into the shares.

That is what makes the collar strategy particularly interesting.

At a $324.82 approximate breakeven at expiration, the setup essentially creates a defined zone for the trade. Below $310, the put begins providing meaningful protection. Above $340, the short call limits the upside.

According to the strategy outlined by Yahoo Finance, an investor using 100 shares could face a maximum loss of roughly $1,482 if Apple ends below $310 at expiration, while gains would be capped at approximately $1,518 if the shares finish above $340. Between those strikes, the options would expire worthless, leaving the investor with the stock’s gain or loss in the range, less the small hedge cost.

The timing makes the strategy even more notable.

The September 9 event occurs only nine days before the options expire.

That gives investors a very specific event window: they can remain invested through the first major product showcase of the Ternus era while putting a floor under the stock and accepting a ceiling on potential gains.

It is a classic example of how options can be used not simply to speculate, but to reshape the risk profile of an existing investment.

The broader message from Apple’s rally is that Wall Street appears willing to give Ternus an early vote of confidence.

The bigger question is whether that confidence survives contact with the next product cycle.

For long-term Apple shareholders, the answer may not require choosing between optimism and caution.

They can own the stock, participate in the Ternus transition and the September product event—and use a relatively inexpensive collar to acknowledge that even Apple has a downside.

At roughly $5 for the specific hedge described, the market is offering investors a very simple bargain: limit the upside, and buy some peace of mind.