How are ASHS butterfly max profit and max loss calculated?

Max profit equals the wing width minus net debit times 100 (reached when the underlying pins the middle strike); max loss equals the net debit times 100. Two breakevens at lower-wing plus debit and upper-wing minus debit. For the ASHS butterfly priced from the November 13, 2026 end-of-day chain at a 30-day expiry (ATM IV the current ATM IV), the computed maximum profit is $140.34 per contract and the computed maximum loss is -$45.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a ASHS butterfly?

The breakeven for the ASHS butterfly priced on this page is roughly $34.46 at expiration, derived from the November 13, 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.

How does current ASHS implied volatility affect this butterfly?

Current ASHS ATM IV is the current ATM IV; IV rank context is unavailable in the current snapshot.

ASHS Butterfly Strategy

ASHS (Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF), in the Financial Services sector, (Asset Management - Global industry), listed on AMEX.

DBX ETF Trust - Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF is an exchange traded fund launched and managed by DBX Advisors LLC. The fund is co-managed by Harvest Global Investments Limited. The fund invests in public equity markets of China. It invests in stocks of companies operating across diversified sectors. It invests in growth and value stocks of small-cap companies. It seeks to track the performance of the CSI 500 Index, by using full replication technique.

ASHS (Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF) trades in the Financial Services sector, specifically Asset Management - Global, with a market capitalization of approximately $24.8M, a beta of 0.99 versus the broader market, a 52-week range of 34.37-48.68, average daily share volume of 8K, a public-listing history dating back to 2014. These structural characteristics shape how ASHS etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.99 places ASHS roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.

What is a butterfly on ASHS?

A long call butterfly buys one lower-strike call, sells two ATM calls, and buys one higher-strike call, paying a small net debit for a defined-risk position that maxes out if the underlying pins the middle strike at expiration.

ASHS snapshot

As of November 13, 2026, spot at $35.60. The butterfly on ASHS below is built from the November 13, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 35-day expiry.

Why this butterfly structure on ASHS specifically: IV rank is unavailable in the current snapshot, so regime-based timing for ASHS is inferred from ATM IV alone. The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated ASHS expiries trade a higher absolute premium for lower per-day decay. Position sizing on ASHS should anchor to the underlying notional of $35.60 per share and to the trader's directional view on ASHS etf.

ASHS butterfly setup

The ASHS butterfly below is built from the November 13, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With ASHS at $35.60 on that close, the first option leg uses a $34.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ASHS chain at a 35-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 ASHS shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$34.00	$2.08
Sell 2	Call	$36.00	$1.24
Buy 1	Call	$37.00	$0.86

ASHS butterfly risk and reward

Net Premium / Debit: -$45.50
Max Profit (per contract): $140.34
Max Loss (per contract): -$45.50
Breakeven(s): $34.46
Risk / Reward Ratio: 3.084

Max profit equals the wing width minus net debit times 100 (reached when the underlying pins the middle strike); max loss equals the net debit times 100. Two breakevens at lower-wing plus debit and upper-wing minus debit.

ASHS butterfly payoff curve

Modeled P&L at expiration across a range of underlying prices for the butterfly on ASHS. 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.

P&L at expiration across the modeled underlying-price range. Green shading marks profitable regions, red shading marks loss regions. Dotted purple verticals mark breakevens; the solid dark vertical marks current spot.

Underlying Price	% From Spot	P&L at Expiration
$0.01	-100.0%	-$45.50
$7.88	-77.9%	-$45.50
$15.75	-55.8%	-$45.50
$23.62	-33.6%	-$45.50
$31.49	-11.5%	-$45.50
$39.36	+10.6%	+$54.50
$47.23	+32.7%	+$54.50
$55.10	+54.8%	+$54.50
$62.97	+76.9%	+$54.50
$70.84	+99.0%	+$54.50

When traders use butterfly on ASHS

Butterflies on ASHS are pinning bets - traders use them when they expect ASHS to settle near a specific level at expiration (often the prior close, a round number, or the max-pain strike) and want defined-risk exposure to that outcome.

ASHS thesis for this butterfly

A ASHS long call butterfly is a pinning play: it pays maximum at the middle strike if ASHS settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. As a Financial Services name, ASHS options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ASHS-specific events.

ASHS butterfly positions are structurally neutral / pin (limited-risk, limited-reward); 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. ASHS positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move ASHS alongside the broader basket even when ASHS-specific fundamentals are unchanged. Always rebuild the position from current ASHS chain quotes before placing a trade.

Frequently asked questions

What is a butterfly on ASHS?: A butterfly on ASHS is the butterfly strategy applied to ASHS (etf). The strategy is structurally neutral / pin (limited-risk, limited-reward): A long call butterfly buys one lower-strike call, sells two ATM calls, and buys one higher-strike call, paying a small net debit for a defined-risk position that maxes out if the underlying pins the middle strike at expiration. With ASHS etf at $35.60 on the November 13, 2026 close, the strikes shown on this page are snapped to the nearest listed ASHS chain strike and the premiums come straight from that session's bid/ask midpoint.
How are ASHS butterfly max profit and max loss calculated?: Max profit equals the wing width minus net debit times 100 (reached when the underlying pins the middle strike); max loss equals the net debit times 100. Two breakevens at lower-wing plus debit and upper-wing minus debit. For the ASHS butterfly priced from the November 13, 2026 end-of-day chain at a 30-day expiry (ATM IV the current ATM IV), the computed maximum profit is $140.34 per contract and the computed maximum loss is -$45.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a ASHS butterfly?: The breakeven for the ASHS butterfly priced on this page is roughly $34.46 at expiration, derived from the November 13, 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.
When should you consider a butterfly on ASHS?: Butterflies on ASHS are pinning bets - traders use them when they expect ASHS to settle near a specific level at expiration (often the prior close, a round number, or the max-pain strike) and want defined-risk exposure to that outcome.
How does current ASHS implied volatility affect this butterfly?: Current ASHS ATM IV is the current ATM IV; IV rank context is unavailable in the current snapshot.