ASHS Straddle 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 straddle on ASHS?
A long straddle buys an ATM call and an ATM put at the same strike, profiting from a large move in either direction; max loss equals the combined debit when the underlying pins to the strike at expiration.
ASHS snapshot
As of November 13, 2026, spot at $35.60. The straddle 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 straddle 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 straddle setup
The ASHS straddle 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 $36.00 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 | $36.00 | $1.24 |
| Buy 1 | Put | $36.00 | $1.70 |
ASHS straddle risk and reward
- Net Premium / Debit
- -$294.00
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- -$279.84
- Breakeven(s)
- $33.06, $38.94
- Risk / Reward Ratio
- Unbounded
Upside max profit is unbounded; downside max profit is bounded at the strike minus the combined call plus put debit (reached at zero). Max loss equals the combined debit times 100 (reached when the underlying pins to the strike). Two breakevens at strike plus debit and strike minus debit.
ASHS straddle payoff curve
Modeled P&L at expiration across a range of underlying prices for the straddle 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% | +$3,305.00 |
| $7.88 | -77.9% | +$2,517.97 |
| $15.75 | -55.8% | +$1,730.95 |
| $23.62 | -33.6% | +$943.92 |
| $31.49 | -11.5% | +$156.90 |
| $39.36 | +10.6% | +$42.13 |
| $47.23 | +32.7% | +$829.15 |
| $55.10 | +54.8% | +$1,616.18 |
| $62.97 | +76.9% | +$2,403.20 |
| $70.84 | +99.0% | +$3,190.23 |
When traders use straddle on ASHS
Straddles on ASHS are pure-volatility plays that profit from large moves in either direction; traders typically buy ASHS straddles ahead of earnings, FDA decisions, or other catalysts where the realized move is expected to exceed the implied move priced into the chain.
ASHS thesis for this straddle
A ASHS long straddle is a pure-volatility play: it profits when the underlying moves far enough from the strike in either direction to overcome the combined call plus put debit, regardless of direction. 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 straddle positions are structurally neutral / high-volatility (long premium); 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 straddle on ASHS?
- A straddle on ASHS is the straddle strategy applied to ASHS (etf). The strategy is structurally neutral / high-volatility (long premium): A long straddle buys an ATM call and an ATM put at the same strike, profiting from a large move in either direction; max loss equals the combined debit when the underlying pins to the 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 straddle max profit and max loss calculated?
- Upside max profit is unbounded; downside max profit is bounded at the strike minus the combined call plus put debit (reached at zero). Max loss equals the combined debit times 100 (reached when the underlying pins to the strike). Two breakevens at strike plus debit and strike minus debit. For the ASHS straddle 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 unbounded per contract and the computed maximum loss is -$279.84 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a ASHS straddle?
- The breakeven for the ASHS straddle priced on this page is roughly $33.06 and $38.94 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 straddle on ASHS?
- Straddles on ASHS are pure-volatility plays that profit from large moves in either direction; traders typically buy ASHS straddles ahead of earnings, FDA decisions, or other catalysts where the realized move is expected to exceed the implied move priced into the chain.
- How does current ASHS implied volatility affect this straddle?
- Current ASHS ATM IV is the current ATM IV; IV rank context is unavailable in the current snapshot.