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 $2.58B, a beta of 0.68 versus the broader market, a 52-week range of 27.42-37.33, 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 0.68 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.
Current ASHR snapshot
As of June 29, 2026, spot at $36.23, ATM IV 26.05%, IV rank 49.22%, expected move 7.47%. The collar on ASHR below is built from the same end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 32-day expiry.
Why this collar structure on ASHR specifically: IV regime affects collar pricing on both sides; mid-range ASHR IV at 26.05% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 7.47% (roughly $2.71 on the underlying). The 32-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 $36.23 per share and to the trader's directional view on ASHR etf.
ASHR collar setup
The ASHR collar below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With ASHR near $36.23, the first option leg uses a $38.00 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 32-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 | $36.23 | long |
| Sell 1 | Call | $38.00 | $0.39 |
| Buy 1 | Put | $34.50 | $0.61 |
ASHR collar risk and reward
- Net Premium / Debit
- -$3,645.00
- Max Profit (per contract)
- $155.00
- Max Loss (per contract)
- -$195.00
- Breakeven(s)
- $36.45
- Risk / Reward Ratio
- 0.795
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% | -$195.00 |
| $8.02 | -77.9% | -$195.00 |
| $16.03 | -55.8% | -$195.00 |
| $24.04 | -33.6% | -$195.00 |
| $32.05 | -11.5% | -$195.00 |
| $40.06 | +10.6% | +$155.00 |
| $48.07 | +32.7% | +$155.00 |
| $56.08 | +54.8% | +$155.00 |
| $64.09 | +76.9% | +$155.00 |
| $72.10 | +99.0% | +$155.00 |
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 $33.52 on the downside to $38.94 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 49.22% is mid-range against its 1-year distribution, so the IV signal is neutral; the collar thesis on ASHR should anchor more to the directional view and the expected-move geometry. 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 trading near $36.23, the strikes shown on this page are snapped to the nearest listed ASHR chain strike and the premiums come straight from the end-of-day 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 end-of-day chain at a 30-day expiry (ATM IV 26.05%), the computed maximum profit is $155.00 per contract and the computed maximum loss is -$195.00 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 $36.45 at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current ASHR market-implied 1-standard-deviation expected move is approximately 7.47%; 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 26.05% with IV rank near 49.22%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.