Trading a SAPH straddle lets you take a pure volatility position on SAP SE ADRhedged without committing to a direction. SAP SE ADRhedged's straddle involves buying (or selling) a call and a put at the same strike and expiration, profiting when the stock moves more (or less) than the combined premium implies. Use our scanner to evaluate SAPH straddle pricing in real time and find the moments when expected moves are mispriced.
A long straddle on SAPH profits from large moves in either direction and is a classic play into binary events like earnings, product announcements, or macro releases. A short straddle profits when SAP SE ADRhedged stays range-bound and implied volatility contracts. The breakeven points are simple: strike plus total premium on the upside, strike minus total premium on the downside. Comparing the SAPH straddle price to historical realized moves helps you judge whether the market is overpaying or underpaying for volatility.
SAPH provides exposure to currency-hedged depositary receipt for Americans interested in investing in SAP SE. Investing in the ADR or original shares directly exposes investors currency fluctuations, which impacts returns. ADRhedged products aim to provide a slightly different approach to international investing by focusing on a single international stock and hedging the specific currency risk. It is anticipated that each ETF share will represent one ADR share. In addition, each day a currency hedge contract is marked to the market based on the notional value of the currency hedge contract and the change in the value of the local currency in relation to the US dollar.
As a result of the market-to-market payments, the ratio of portfolio securities to shares will vary over time. The objective is to provide the total return performance of the stock in its local market.
Earnings, product cycles, macro prints — any time volatility itself is the trade, the SAPH straddle is the cleanest expression of that view. Our scanner prices every SAPH straddle against historical realized moves, flags expirations where the market is overpaying or underpaying for vol, and ranks setups by breakeven width and IV rank. Whether you're long a SAPH straddle into a catalyst or short a SAPH straddle to harvest decay, the options straddle setups that matter are all in one place.
