HASI Butterfly Strategy
HASI (HA Sustainable Infrastructure Capital, Inc.), in the Financial Services sector, (Financial - Diversified industry), listed on NYSE.
HA Sustainable Infrastructure Capital, Inc. (HASI) specializes in providing financial capital and making investments in initiatives that address climate change. The company funnels its resources into projects and assets developed by businesses operating in the renewable energy, energy efficiency, and wider sustainable infrastructure sectors. HASI's investment strategy specifically targets areas such as Behind the Meter solutions, Grid-Connected projects, alternative Fuels, sustainable Transport, and Nature-based climate initiatives. The firm was established on November 7, 2012, and operates from its main office in Annapolis, MD.
HASI (HA Sustainable Infrastructure Capital, Inc.) trades in the Financial Services sector, specifically Financial - Diversified, with a market capitalization of approximately $5.35B, a trailing P/E of 62.04, a beta of 1.42 versus the broader market, a 52-week range of 26.33-44.13, average daily share volume of 982K, a public-listing history dating back to 2013, approximately 173 full-time employees. These structural characteristics shape how HASI stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.42 indicates HASI has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. The trailing P/E of 62.04 is on the rich side, which tends to correlate with higher earnings-window IV expansion as the market debates whether forward growth supports the multiple. HASI pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a butterfly on HASI?
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.
HASI snapshot
As of August 14, 2026, spot at $42.09, ATM IV 27.80%, IV rank 4.42%, expected move 7.97%. The butterfly on HASI below is built from the 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 HASI specifically: HASI IV at 27.80% is on the cheap side of its 1-year range, which favors premium-buying structures like a HASI butterfly, with a market-implied 1-standard-deviation move of approximately 7.97% (roughly $3.35 on the underlying). The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated HASI expiries trade a higher absolute premium for lower per-day decay. Position sizing on HASI should anchor to the underlying notional of $42.09 per share and to the trader's directional view on HASI stock.
HASI butterfly setup
The HASI butterfly below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With HASI at $42.09 on that close, the first option leg uses a $39.99 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed HASI 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 HASI shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $39.99 | N/A |
| Sell 2 | Call | $42.09 | N/A |
| Buy 1 | Call | $44.19 | N/A |
HASI butterfly risk and reward
- Net Premium / Debit
- N/A
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- Unbounded
- Breakeven(s)
- None on modeled curve
- Risk / Reward Ratio
- N/A
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.
HASI butterfly payoff curve
Modeled P&L at expiration across a range of underlying prices for the butterfly on HASI. 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.
When traders use butterfly on HASI
Butterflies on HASI are pinning bets - traders use them when they expect HASI 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.
HASI thesis for this butterfly
The market-implied 1-standard-deviation range for HASI extends from approximately $38.74 on the downside to $45.44 on the upside. A HASI long call butterfly is a pinning play: it pays maximum at the middle strike if HASI settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current HASI IV rank near 4.42% 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 HASI at 27.80%. As a Financial Services name, HASI options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to HASI-specific events.
HASI 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. HASI positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move HASI alongside the broader basket even when HASI-specific fundamentals are unchanged. Always rebuild the position from current HASI chain quotes before placing a trade.
Frequently asked questions
- What is a butterfly on HASI?
- A butterfly on HASI is the butterfly strategy applied to HASI (stock). 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 HASI stock at $42.09 on the most recent close, the strikes shown on this page are snapped to the nearest listed HASI chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are HASI 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 HASI butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 27.80%), the computed maximum profit is unbounded per contract and the computed maximum loss is unbounded per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a HASI butterfly?
- The breakeven for the HASI butterfly priced on this page is no defined breakeven on the modeled curve at expiration, derived from the 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. The HASI market-implied 1-standard-deviation expected move in the same options snapshot is approximately 7.97%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a butterfly on HASI?
- Butterflies on HASI are pinning bets - traders use them when they expect HASI 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 HASI implied volatility affect this butterfly?
- HASI ATM IV is at 27.80% with IV rank near 4.42%, 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.