LAZR Cash-Secured Put Strategy
LAZR (Tema Photonics & Optical ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.
Tema Photonics & Optical ETF (the Fund) seeks to provide long-term growth.
LAZR (Tema Photonics & Optical ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $952,400, a beta of 0.00 versus the broader market, a 52-week range of 32.55-50.79, average daily share volume of 145K, a public-listing history dating back to 2026. These structural characteristics shape how LAZR stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.00 indicates LAZR has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure.
What is a cash-secured put on LAZR?
A cash-secured put sells an out-of-the-money put while holding cash equal to the strike-times-100 obligation, keeping the premium when the underlying stays above the strike.
LAZR snapshot
As of August 14, 2026, spot at $47.25, ATM IV 73.70%, IV rank 16.91%, expected move 21.13%. The cash-secured put on LAZR below is built from the August 14, 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 cash-secured put structure on LAZR specifically: LAZR IV at 73.70% is on the cheap side of its 1-year range, which means a premium-selling LAZR cash-secured put collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 21.13% (roughly $9.98 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 LAZR expiries trade a higher absolute premium for lower per-day decay. Position sizing on LAZR should anchor to the underlying notional of $47.25 per share and to the trader's directional view on LAZR stock.
LAZR cash-secured put setup
The LAZR cash-secured put below is built from the August 14, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With LAZR at $47.25 on that close, the first option leg uses a $45.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed LAZR 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 LAZR shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $45.00 | $3.25 |
LAZR cash-secured put risk and reward
- Net Premium / Debit
- +$325.00
- Max Profit (per contract)
- $325.00
- Max Loss (per contract)
- -$4,174.00
- Breakeven(s)
- $41.75
- Risk / Reward Ratio
- 0.078
Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium.
LAZR cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put on LAZR. 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% | -$4,174.00 |
| $10.46 | -77.9% | -$3,129.39 |
| $20.90 | -55.8% | -$2,084.77 |
| $31.35 | -33.7% | -$1,040.16 |
| $41.79 | -11.5% | +$4.45 |
| $52.24 | +10.6% | +$325.00 |
| $62.69 | +32.7% | +$325.00 |
| $73.13 | +54.8% | +$325.00 |
| $83.58 | +76.9% | +$325.00 |
| $94.03 | +99.0% | +$325.00 |
When traders use cash-secured put on LAZR
Cash-secured puts on LAZR earn premium while a trader waits to acquire LAZR stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning LAZR.
LAZR thesis for this cash-secured put
The market-implied 1-standard-deviation range for LAZR extends from approximately $37.27 on the downside to $57.23 on the upside. A LAZR cash-secured put lets a trader earn premium while waiting to acquire LAZR at the strike price; the strategy is most attractive when the trader is comfortable holding the underlying at that level and IV is rich enough to compensate for the assignment risk. Current LAZR IV rank near 16.91% 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 LAZR at 73.70%. As a Financial Services name, LAZR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to LAZR-specific events.
LAZR cash-secured put positions are structurally neutral to slightly bullish; 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. LAZR positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move LAZR alongside the broader basket even when LAZR-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on LAZR carry tail risk when realized volatility exceeds the implied move; review historical LAZR earnings reactions and macro stress periods before sizing. Always rebuild the position from current LAZR chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on LAZR?
- A cash-secured put on LAZR is the cash-secured put strategy applied to LAZR (stock). The strategy is structurally neutral to slightly bullish: A cash-secured put sells an out-of-the-money put while holding cash equal to the strike-times-100 obligation, keeping the premium when the underlying stays above the strike. With LAZR stock at $47.25 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed LAZR chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are LAZR cash-secured put max profit and max loss calculated?
- Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium. For the LAZR cash-secured put priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 73.70%), the computed maximum profit is $325.00 per contract and the computed maximum loss is -$4,174.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a LAZR cash-secured put?
- The breakeven for the LAZR cash-secured put priced on this page is roughly $41.75 at expiration, derived from the August 14, 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. The LAZR market-implied 1-standard-deviation expected move in the same options snapshot is approximately 21.13%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a cash-secured put on LAZR?
- Cash-secured puts on LAZR earn premium while a trader waits to acquire LAZR stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning LAZR.
- How does current LAZR implied volatility affect this cash-secured put?
- LAZR ATM IV is at 73.70% with IV rank near 16.91%, 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.