NASA Collar 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 collar on NASA?
A collar pairs long stock with a protective out-of-the-money put financed by a short out-of-the-money call, capping both tails of the position around the current spot.
Current NASA snapshot
As of May 15, 2026, spot at $34.81, ATM IV 77.80%, expected move 22.30%. The collar 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 collar 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 collar setup
The NASA collar 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 $37.00 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) |
|---|---|---|---|
| Buy 100 shares | Stock | $34.81 | long |
| Sell 1 | Call | $37.00 | $2.50 |
| Buy 1 | Put | $33.00 | $2.15 |
NASA collar risk and reward
- Net Premium / Debit
- -$3,446.00
- Max Profit (per contract)
- $254.00
- Max Loss (per contract)
- -$146.00
- Breakeven(s)
- $34.46
- Risk / Reward Ratio
- 1.740
Max profit roughly equals short-call strike minus cost basis plus net premium; max loss roughly equals cost basis minus long-put strike minus net premium. Breakeven shifts by the net premium.
NASA collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar 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% | -$146.00 |
| $7.71 | -77.9% | -$146.00 |
| $15.40 | -55.8% | -$146.00 |
| $23.10 | -33.6% | -$146.00 |
| $30.79 | -11.5% | -$146.00 |
| $38.49 | +10.6% | +$254.00 |
| $46.18 | +32.7% | +$254.00 |
| $53.88 | +54.8% | +$254.00 |
| $61.57 | +76.9% | +$254.00 |
| $69.27 | +99.0% | +$254.00 |
When traders use collar on NASA
Collars on NASA hedge an existing long NASA stock position; the long put sets a floor while the short call finances it, often run as a near-zero-cost hedge during expected volatility windows.
NASA thesis for this collar
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 collar hedges an existing long NASA position with a protective put while financing the put cost via a short call; when the premiums roughly offset, the collar acts as a near-zero-cost insurance band around the current spot.
NASA collar positions are structurally neutral (protective); 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. Always rebuild the position from current NASA chain quotes before placing a trade.
Frequently asked questions
- What is a collar on NASA?
- A collar on NASA is the collar strategy applied to NASA (stock). The strategy is structurally neutral (protective): A collar pairs long stock with a protective out-of-the-money put financed by a short out-of-the-money call, capping both tails of the position around the current spot. 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 collar max profit and max loss calculated?
- Max profit roughly equals short-call strike minus cost basis plus net premium; max loss roughly equals cost basis minus long-put strike minus net premium. Breakeven shifts by the net premium. For the NASA collar priced from the end-of-day chain at a 30-day expiry (ATM IV 77.80%), the computed maximum profit is $254.00 per contract and the computed maximum loss is -$146.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a NASA collar?
- The breakeven for the NASA collar priced on this page is roughly $34.46 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 collar on NASA?
- Collars on NASA hedge an existing long NASA stock position; the long put sets a floor while the short call finances it, often run as a near-zero-cost hedge during expected volatility windows.
- How does current NASA implied volatility affect this collar?
- Current NASA ATM IV is 77.80%; IV rank context is unavailable in the current snapshot.