NASA Cash-Secured Put Strategy
NASA (Tema Space Innovators ETF), listed on AMEX.
NASA (Tema Space Innovators ETF) with a market capitalization of approximately $54.3M, a beta of 0.00 versus the broader market, a 52-week range of 24.04-34.9, average daily share volume of 1.5M, a public-listing history dating back to 2026. These structural characteristics shape how NASA stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.00 indicates NASA 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 NASA?
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.
Current NASA snapshot
As of May 15, 2026, spot at $34.81, ATM IV 77.80%, expected move 22.30%. The cash-secured put on NASA below is built from the same end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 34-day expiry.
Why this cash-secured put structure on NASA specifically: IV rank is unavailable in the current snapshot, so regime-based timing for NASA is inferred from ATM IV at 77.80% alone, with a market-implied 1-standard-deviation move of approximately 22.30% (roughly $7.76 on the underlying). The 34-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated NASA expiries trade a higher absolute premium for lower per-day decay. Position sizing on NASA should anchor to the underlying notional of $34.81 per share and to the trader's directional view on NASA stock.
NASA cash-secured put setup
The NASA cash-secured put below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With NASA near $34.81, the first option leg uses a $33.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed NASA chain at a 34-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 NASA shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $33.00 | $2.15 |
NASA cash-secured put risk and reward
- Net Premium / Debit
- +$215.00
- Max Profit (per contract)
- $215.00
- Max Loss (per contract)
- -$3,084.00
- Breakeven(s)
- $30.85
- Risk / Reward Ratio
- 0.070
Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium.
NASA cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put on NASA. 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% | -$3,084.00 |
| $7.71 | -77.9% | -$2,314.44 |
| $15.40 | -55.8% | -$1,544.88 |
| $23.10 | -33.6% | -$775.33 |
| $30.79 | -11.5% | -$5.77 |
| $38.49 | +10.6% | +$215.00 |
| $46.18 | +32.7% | +$215.00 |
| $53.88 | +54.8% | +$215.00 |
| $61.57 | +76.9% | +$215.00 |
| $69.27 | +99.0% | +$215.00 |
When traders use cash-secured put on NASA
Cash-secured puts on NASA earn premium while a trader waits to acquire NASA stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning NASA.
NASA thesis for this cash-secured put
The market-implied 1-standard-deviation range for NASA extends from approximately $27.05 on the downside to $42.57 on the upside. A NASA cash-secured put lets a trader earn premium while waiting to acquire NASA 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.
NASA 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. Short-premium structures like a cash-secured put on NASA carry tail risk when realized volatility exceeds the implied move; review historical NASA earnings reactions and macro stress periods before sizing. Always rebuild the position from current NASA chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on NASA?
- A cash-secured put on NASA is the cash-secured put strategy applied to NASA (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 NASA stock trading near $34.81, the strikes shown on this page are snapped to the nearest listed NASA chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are NASA 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 NASA cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 77.80%), the computed maximum profit is $215.00 per contract and the computed maximum loss is -$3,084.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a NASA cash-secured put?
- The breakeven for the NASA cash-secured put priced on this page is roughly $30.85 at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current NASA market-implied 1-standard-deviation expected move is approximately 22.30%; 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 NASA?
- Cash-secured puts on NASA earn premium while a trader waits to acquire NASA stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning NASA.
- How does current NASA implied volatility affect this cash-secured put?
- Current NASA ATM IV is 77.80%; IV rank context is unavailable in the current snapshot.