Asset 1: Put on Asset 2 and Call on Asset 3 Formula: H1 = max(v1 - s12, 0) + max(s13 - v2, 0)

Asset 2: unidentified

Asset 3: unidentified

Again, here we have more complicated payoff: a call and a put options on two different assets. Analyzing the diagrams based on what we have seen so far (here and here), we will find that these payoffs are completely symmetrical. Again we realize that any of the above payoffs can be substituted with either of the other two payoffs, with no change in the resulting risk/reward scenario.