NASA Long 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 long put on NASA?
A long put buys downside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes below the strike minus premium at expiration.
Current NASA snapshot
As of May 15, 2026, spot at $34.81, ATM IV 77.80%, expected move 22.30%. The long 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 long 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 long put setup
The NASA long 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 $35.00 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 1 | Put | $35.00 | $3.25 |
NASA long put risk and reward
- Net Premium / Debit
- -$325.00
- Max Profit (per contract)
- $3,174.00
- Max Loss (per contract)
- -$325.00
- Breakeven(s)
- $31.75
- Risk / Reward Ratio
- 9.766
Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium.
NASA long put payoff curve
Modeled P&L at expiration across a range of underlying prices for the long 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% | +$3,174.00 |
| $7.71 | -77.9% | +$2,404.44 |
| $15.40 | -55.8% | +$1,634.88 |
| $23.10 | -33.6% | +$865.33 |
| $30.79 | -11.5% | +$95.77 |
| $38.49 | +10.6% | -$325.00 |
| $46.18 | +32.7% | -$325.00 |
| $53.88 | +54.8% | -$325.00 |
| $61.57 | +76.9% | -$325.00 |
| $69.27 | +99.0% | -$325.00 |
When traders use long put on NASA
Long puts on NASA hedge an existing long NASA stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying NASA exposure being hedged.
NASA thesis for this long 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 long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long NASA position with one put per 100 shares held.
NASA long put positions are structurally bearish; 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. Long-premium structures like a long put on NASA are particularly exposed to IV-crush risk through scheduled events (earnings, FDA decisions, central-bank meetings) where IV typically contracts post-event regardless of the directional outcome. Always rebuild the position from current NASA chain quotes before placing a trade.
Frequently asked questions
- What is a long put on NASA?
- A long put on NASA is the long put strategy applied to NASA (stock). The strategy is structurally bearish: A long put buys downside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes below the strike minus premium at expiration. 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 long put max profit and max loss calculated?
- Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium. For the NASA long put priced from the end-of-day chain at a 30-day expiry (ATM IV 77.80%), the computed maximum profit is $3,174.00 per contract and the computed maximum loss is -$325.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a NASA long put?
- The breakeven for the NASA long put priced on this page is roughly $31.75 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 long put on NASA?
- Long puts on NASA hedge an existing long NASA stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying NASA exposure being hedged.
- How does current NASA implied volatility affect this long put?
- Current NASA ATM IV is 77.80%; IV rank context is unavailable in the current snapshot.