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 61.11%), the computed maximum profit is $185.00 per contract and the computed maximum loss is -$2,564.00 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 $25.65 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 17.52%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current NASA implied volatility affect this cash-secured put?

Current NASA ATM IV is 61.11%; IV rank context is unavailable in the current snapshot.

NASA Cash-Secured Put Strategy

NASA (Tema Space Innovators ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.

The Tema Space Innovators ETF is a dynamically managed exchange-traded fund (ETF) that seeks to invest in publicly traded companies poised to profit from the ongoing commercialization and expansion of the global space industry. Its investment portfolio spans a diverse range of businesses, including those involved in manufacturing and operating satellites, offering launch services, facilitating space-based communication and internet, gathering earth observation and geospatial information, building in-orbit infrastructure, and applying space technology for defense. The Tema investment professionals utilize in-depth fundamental research to select firms that demonstrate robust competitive strengths and derive substantial revenue from the space value chain. This ETF is available on NYSE Arca, identified by the ticker NASA.

NASA (Tema Space Innovators ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $41.7M, a beta of 0.00 versus the broader market, a 52-week range of 24.04-42.68, average daily share volume of 6.2M, 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 June 29, 2026, spot at $29.20, ATM IV 61.11%, expected move 17.52%. 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 32-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 61.11% alone, with a market-implied 1-standard-deviation move of approximately 17.52% (roughly $5.12 on the underlying). The 32-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 $29.20 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 $29.20, the first option leg uses a $27.50 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 32-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	$27.50	$1.85

NASA cash-secured put risk and reward

Net Premium / Debit: +$185.00
Max Profit (per contract): $185.00
Max Loss (per contract): -$2,564.00
Breakeven(s): $25.65
Risk / Reward Ratio: 0.072

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.

P&L at expiration across the modeled underlying-price range. Green shading marks profitable regions, red shading marks loss regions. Dotted purple verticals mark breakevens; the solid dark vertical marks current spot.

Underlying Price	% From Spot	P&L at Expiration
$0.01	-100.0%	-$2,564.00
$6.47	-77.9%	-$1,918.48
$12.92	-55.8%	-$1,272.96
$19.38	-33.6%	-$627.45
$25.83	-11.5%	+$18.07
$32.29	+10.6%	+$185.00
$38.74	+32.7%	+$185.00
$45.20	+54.8%	+$185.00
$51.65	+76.9%	+$185.00
$58.11	+99.0%	+$185.00

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 $24.08 on the downside to $34.32 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. As a Financial Services name, NASA options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to NASA-specific events.

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. NASA positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move NASA alongside the broader basket even when NASA-specific fundamentals are unchanged. 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 $29.20, 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 61.11%), the computed maximum profit is $185.00 per contract and the computed maximum loss is -$2,564.00 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 $25.65 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 17.52%; 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 61.11%; IV rank context is unavailable in the current snapshot.