ASHS Collar Strategy
ASHS (Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.
The Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the CSI 500 Index (the “Underlying Index”).
ASHS (Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $40.4M, a beta of 0.96 versus the broader market, a 52-week range of 27.86-47.715, average daily share volume of 20K, 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 0.96 places ASHS roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. ASHS pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a collar on ASHS?
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 ASHS snapshot
As of May 15, 2026, spot at $45.43, ATM IV 23.70%, IV rank 2.59%, expected move 6.79%. The collar on ASHS 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 34-day expiry.
Why this collar structure on ASHS specifically: IV regime affects collar pricing on both sides; compressed ASHS IV at 23.70% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 6.79% (roughly $3.09 on the underlying). The 34-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 $45.43 per share and to the trader's directional view on ASHS etf.
ASHS collar setup
The ASHS 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 ASHS near $45.43, the first option leg uses a $48.00 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 34-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 100 shares | Stock | $45.43 | long |
| Sell 1 | Call | $48.00 | $0.40 |
| Buy 1 | Put | $43.00 | $0.50 |
ASHS collar risk and reward
- Net Premium / Debit
- -$4,553.00
- Max Profit (per contract)
- $247.00
- Max Loss (per contract)
- -$253.00
- Breakeven(s)
- $45.53
- Risk / Reward Ratio
- 0.976
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.
ASHS collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar 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.
| Underlying Price | % From Spot | P&L at Expiration |
|---|---|---|
| $0.01 | -100.0% | -$253.00 |
| $10.05 | -77.9% | -$253.00 |
| $20.10 | -55.8% | -$253.00 |
| $30.14 | -33.7% | -$253.00 |
| $40.18 | -11.5% | -$253.00 |
| $50.23 | +10.6% | +$247.00 |
| $60.27 | +32.7% | +$247.00 |
| $70.32 | +54.8% | +$247.00 |
| $80.36 | +76.9% | +$247.00 |
| $90.40 | +99.0% | +$247.00 |
When traders use collar on ASHS
Collars on ASHS hedge an existing long ASHS 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.
ASHS thesis for this collar
The market-implied 1-standard-deviation range for ASHS extends from approximately $42.34 on the downside to $48.52 on the upside. A ASHS collar hedges an existing long ASHS 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 ASHS IV rank near 2.59% 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 ASHS at 23.70%. 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 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. 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 collar on ASHS?
- A collar on ASHS is the collar strategy applied to ASHS (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 ASHS etf trading near $45.43, the strikes shown on this page are snapped to the nearest listed ASHS chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are ASHS 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 ASHS collar priced from the end-of-day chain at a 30-day expiry (ATM IV 23.70%), the computed maximum profit is $247.00 per contract and the computed maximum loss is -$253.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a ASHS collar?
- The breakeven for the ASHS collar priced on this page is roughly $45.53 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 ASHS market-implied 1-standard-deviation expected move is approximately 6.79%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on ASHS?
- Collars on ASHS hedge an existing long ASHS 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 ASHS implied volatility affect this collar?
- ASHS ATM IV is at 23.70% with IV rank near 2.59%, 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.