Explain conceptually the choice of strike prices when it comes to designing a zero-cost collar. Specifically, address

Question:

Explain conceptually the choice of strike prices when it comes to designing a zero-cost collar. Specifically, address the costs and benefits of two strategies. One strategy has a higher put than the second strategy?
Strike Price
In finance, the strike price of an option is the fixed price at which the owner of the option can buy, or sell, the underlying security or commodity.