ASHS Iron Condor 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 iron condor on ASHS?
An iron condor sells a call spread and a put spread at strikes outside spot, collecting net premium that is kept if the underlying stays inside the inner short strikes.
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 iron condor 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 iron condor structure on ASHS specifically: ASHS IV at 23.70% is on the cheap side of its 1-year range, which means a premium-selling ASHS iron condor collects less credit per unit of strike-width risk, 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 iron condor setup
The ASHS iron condor 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) |
|---|---|---|---|
| Sell 1 | Call | $48.00 | $0.40 |
| Buy 1 | Call | $50.00 | $0.11 |
| Sell 1 | Put | $43.00 | $0.50 |
| Buy 1 | Put | $41.00 | $0.40 |
ASHS iron condor risk and reward
- Net Premium / Debit
- +$39.00
- Max Profit (per contract)
- $39.00
- Max Loss (per contract)
- -$161.00
- Breakeven(s)
- $42.61, $48.39
- Risk / Reward Ratio
- 0.242
Max profit equals the net credit times 100 inside the inner strikes; max loss equals wing width minus credit times 100. Two breakevens at inner strikes plus and minus the credit.
ASHS iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor 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% | -$161.00 |
| $10.05 | -77.9% | -$161.00 |
| $20.10 | -55.8% | -$161.00 |
| $30.14 | -33.7% | -$161.00 |
| $40.18 | -11.5% | -$161.00 |
| $50.23 | +10.6% | -$161.00 |
| $60.27 | +32.7% | -$161.00 |
| $70.32 | +54.8% | -$161.00 |
| $80.36 | +76.9% | -$161.00 |
| $90.40 | +99.0% | -$161.00 |
When traders use iron condor on ASHS
Iron condors on ASHS are a delta-neutral premium-collection structure that profits if ASHS etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
ASHS thesis for this iron condor
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 iron condor is a delta-neutral premium-collection structure that pays off when ASHS stays inside the inner short strikes through expiration; the wing width should reflect the trader's tolerance for the maximum loss scenario where the underlying breaches an outer strike. 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 iron condor positions are structurally neutral / range-bound; 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. Short-premium structures like a iron condor on ASHS carry tail risk when realized volatility exceeds the implied move; review historical ASHS earnings reactions and macro stress periods before sizing. Always rebuild the position from current ASHS chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on ASHS?
- A iron condor on ASHS is the iron condor strategy applied to ASHS (etf). The strategy is structurally neutral / range-bound: An iron condor sells a call spread and a put spread at strikes outside spot, collecting net premium that is kept if the underlying stays inside the inner short strikes. 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 iron condor max profit and max loss calculated?
- Max profit equals the net credit times 100 inside the inner strikes; max loss equals wing width minus credit times 100. Two breakevens at inner strikes plus and minus the credit. For the ASHS iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 23.70%), the computed maximum profit is $39.00 per contract and the computed maximum loss is -$161.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a ASHS iron condor?
- The breakeven for the ASHS iron condor priced on this page is roughly $42.61 and $48.39 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 iron condor on ASHS?
- Iron condors on ASHS are a delta-neutral premium-collection structure that profits if ASHS etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current ASHS implied volatility affect this iron condor?
- 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.