NASA Long 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 $42.0M, a beta of 4.64 versus the broader market, a 52-week range of 20.46-42.68, 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 4.64 indicates NASA has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position.

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.

NASA snapshot

As of August 14, 2026, spot at $26.37, ATM IV 55.33%, expected move 15.86%. The long put on NASA 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 28-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 55.33% alone, with a market-implied 1-standard-deviation move of approximately 15.86% (roughly $4.18 on the underlying). The 28-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 $26.37 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 August 14, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With NASA at $26.37 on that close, the first option leg uses a $26.50 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 28-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).

NASA long put risk and reward

Net Premium / Debit

-$167.50

Max Profit (per contract)

$2,481.50

Max Loss (per contract)

-$167.50

Breakeven(s)

$24.83

Risk / Reward Ratio

14.815

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.

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 $22.19 on the downside to $30.55 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. 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 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. 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. 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 at $26.37 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed NASA chain strike and the premiums come straight from that session's 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 August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 55.33%), the computed maximum profit is $2,481.50 per contract and the computed maximum loss is -$167.50 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 $24.83 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 NASA market-implied 1-standard-deviation expected move in the same options snapshot is approximately 15.86%; 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 55.33%; IV rank context is unavailable in the current snapshot.

Related NASA analysis

• Long Put strategy reference
• NASA options overview
• NASA P&L curve (full chain)
• NASA options chain
• NASA volatility skew