ASHR Collar Strategy
ASHR (Xtrackers Harvest CSI 300 China A-Shares ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.
The fund will normally invest at least 80% of its total assets in securities of issuers that comprise the underlying index. The underlying index is designed to reflect the price fluctuation and performance of the China A-Share market and is composed of the 300 largest and most liquid stocks in the China A-Share market. It is non-diversified.
ASHR (Xtrackers Harvest CSI 300 China A-Shares ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $1.60B, a beta of 0.64 versus the broader market, a 52-week range of 29.2-37.33, average daily share volume of 4.5M, a public-listing history dating back to 2013. These structural characteristics shape how ASHR etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.64 indicates ASHR has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. ASHR pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a collar on ASHR?
A collar pairs long stock with a protective out-of-the-money put financed by a short out-of-the-money call, capping both tails of the position around the current spot.
ASHR snapshot
As of August 14, 2026, spot at $34.73, ATM IV 20.04%, IV rank 17.41%, expected move 5.75%. The collar on ASHR below is built from the August 14, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 28-day expiry.
Why this collar structure on ASHR specifically: IV regime affects collar pricing on both sides; compressed ASHR IV at 20.04% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 5.75% (roughly $2.00 on the underlying). The 28-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated ASHR expiries trade a higher absolute premium for lower per-day decay. Position sizing on ASHR should anchor to the underlying notional of $34.73 per share and to the trader's directional view on ASHR etf.
ASHR collar setup
The ASHR collar below is built from the August 14, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With ASHR at $34.73 on that close, the first option leg uses a $36.50 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ASHR chain at a 28-day expiry; the cross-strike IV skew is reflected directly in the per-leg values rather than approximated. Quantity sizing assumes one contract per option leg (or 100 ASHR shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $34.73 | long |
| Sell 1 | Call | $36.50 | $0.21 |
| Buy 1 | Put | $33.00 | $0.24 |
ASHR collar risk and reward
- Net Premium / Debit
- -$3,475.50
- Max Profit (per contract)
- $174.50
- Max Loss (per contract)
- -$175.50
- Breakeven(s)
- $34.75
- Risk / Reward Ratio
- 0.994
Max profit roughly equals short-call strike minus cost basis plus net premium; max loss roughly equals cost basis minus long-put strike minus net premium. Breakeven shifts by the net premium.
ASHR collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on ASHR. Each row is one sampled price point from the computed payoff curve; the full curve uses 200 price points internally before being summarized into 10 rows here.
| Underlying Price | % From Spot | P&L at Expiration |
|---|---|---|
| $0.01 | -100.0% | -$175.50 |
| $7.69 | -77.9% | -$175.50 |
| $15.37 | -55.8% | -$175.50 |
| $23.04 | -33.6% | -$175.50 |
| $30.72 | -11.5% | -$175.50 |
| $38.40 | +10.6% | +$174.50 |
| $46.08 | +32.7% | +$174.50 |
| $53.76 | +54.8% | +$174.50 |
| $61.43 | +76.9% | +$174.50 |
| $69.11 | +99.0% | +$174.50 |
When traders use collar on ASHR
Collars on ASHR hedge an existing long ASHR etf position; the long put sets a floor while the short call finances it, often run as a near-zero-cost hedge during expected volatility windows.
ASHR thesis for this collar
The market-implied 1-standard-deviation range for ASHR extends from approximately $32.73 on the downside to $36.73 on the upside. A ASHR collar hedges an existing long ASHR position with a protective put while financing the put cost via a short call; when the premiums roughly offset, the collar acts as a near-zero-cost insurance band around the current spot. Current ASHR IV rank near 17.41% sits in the lower third of its 1-year distribution, where IV often re-expands toward the mean; this favors premium-buying structures and disadvantages premium-selling structures on ASHR at 20.04%. As a Financial Services name, ASHR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ASHR-specific events.
ASHR collar positions are structurally neutral (protective); the modeled P&L assumes European-style exercise at expiration and ignores early assignment, transaction costs, dividends paid before expiry on the stock leg (when present), and the bid-ask spread on the listed chain. ASHR positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move ASHR alongside the broader basket even when ASHR-specific fundamentals are unchanged. Always rebuild the position from current ASHR chain quotes before placing a trade.
Frequently asked questions
- What is a collar on ASHR?
- A collar on ASHR is the collar strategy applied to ASHR (etf). The strategy is structurally neutral (protective): A collar pairs long stock with a protective out-of-the-money put financed by a short out-of-the-money call, capping both tails of the position around the current spot. With ASHR etf at $34.73 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed ASHR chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are ASHR collar max profit and max loss calculated?
- Max profit roughly equals short-call strike minus cost basis plus net premium; max loss roughly equals cost basis minus long-put strike minus net premium. Breakeven shifts by the net premium. For the ASHR collar priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 20.04%), the computed maximum profit is $174.50 per contract and the computed maximum loss is -$175.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a ASHR collar?
- The breakeven for the ASHR collar priced on this page is roughly $34.75 at expiration, derived from the August 14, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The ASHR market-implied 1-standard-deviation expected move in the same options snapshot is approximately 5.75%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on ASHR?
- Collars on ASHR hedge an existing long ASHR etf position; the long put sets a floor while the short call finances it, often run as a near-zero-cost hedge during expected volatility windows.
- How does current ASHR implied volatility affect this collar?
- ASHR ATM IV is at 20.04% with IV rank near 17.41%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.