That’s where options come in—specifically, a conservative and beginner-friendly strategy called the cash-secured put (CSP). With ASML, it gets even more accessible thanks to the mini options listed on Euronext Amsterdam, which let you trade options on just 10 shares (instead of the usual 100). That means less capital required, and more flexibility for investors looking to dip their toes into options.

What is a cash-secured put?

A cash-secured put means you sell a put option and keep enough cash aside to buy the shares at the strike price if you get assigned at expiry.

• If ASML stays above the strike until expiry, the option expires worthless and you keep the premium. That premium represents your yield on the capital set aside.
• If ASML drops below the strike at expiry, you’ll be obligated to buy the shares at that strike price—but thanks to the premium you received, your actual entry point is lower.

In essence: you get paid to wait for your ideal buying opportunity.

Let’s explore two ways to do this with ASML: selling an OTM (Out of the Money) put or an ITM (In the Money) put. Don’t worry—we’ll break those terms down too.

OTM or ITM: what’s the difference?

• OTM (Out of the Money) means the strike price is below the current share price. The likelihood of assignment at expiry is lower, but so is the premium. (for call options it is inverse)
• ITM (In the Money) means the strike price is above the current share price. You receive a much higher premium, but also have a higher chance of ending up with the shares at expiry. (again inverse for call options)

Important note: the strategies and examples provided in this article are purely for educational purposes. They are intended to assist in shaping your thought process and should not be replicated or implemented without careful consideration. Every investor or trader must conduct their own due diligence and take into account their unique financial situation, risk tolerance, and investment objectives before making any decisions. Remember, investing in the stock market carries risk, and it's crucial to make informed decisions.

Let’s compare two Cash Secured Puts expiring 15 August 2025:

Option 1: the conservative approach (OTM strike at €620)

• Premium received: €10.60 (for 10 shares = €106 total)
• Capital required: €6,200
• Effective purchase price if assigned at expiry: €609.40
• Chance of assignment (Delta): ~28%
• Annualized yield if not assigned: ~37% (based on 29-day holding period)

This is a great setup if you’d love to own ASML around €610 but are happy to get paid if the stock never gets there. You either collect the premium or buy the stock at a discount—a win either way. The premium, if the put expires worthless, represents a modest but attractive return on your reserved cash.

Option 2: the income-first approach (ITM strike at €680)

• Premium received: €40.55 (for 10 shares = €405.50 total)
• Capital required: €6,800
• Effective purchase price if assigned at expiry: €639.45
• Chance of assignment (Delta): ~69%
• Annualized yield if not assigned: ~75% (based on 29-day holding period)

This approach prioritizes upfront income and almost guarantees you’ll end up owning the shares at expiry. If you plan to build a position in ASML anyway, this could be an attractive entry strategy—plus, you can later sell covered calls to generate even more income. The higher yield reflects the higher likelihood of assignment, but even if the shares stay above €680, you’ve locked in a very solid short-term return.

What about the risks?

While cash-secured puts are considered conservative, they’re not risk-free:

• If ASML drops sharply, you’ll still be obligated to buy the shares at the strike price at expiry, potentially well above market value.
• Your downside risk is similar to buying the stock outright, minus the premium collected.

That’s why it’s important to only use this strategy on stocks you genuinely want to own for the long term.

So, which do you choose?

It depends on your goals:

• Want to generate yield while waiting for a cheaper entry? Go with the OTM €620 strike.
• Want to start a position now (at the next expiry that is) and get paid handsomely to do it? The ITM €680 strike is your pick.

Either way, the key benefit is the same: you’re turning your cash into a potential income stream, while maintaining a long-term mindset.

And with ASML mini options, this strategy becomes accessible to many more investors.

FAQ

What happens if the stock falls below my strike?
You’ll be assigned the shares at expiry and buy them at the strike price. The premium you collected reduces your effective purchase cost.

What if ASML stays above the strike?
The option expires worthless, and you keep the premium. You can then sell another put for the next month.

Why mini options?
Because they let you sell puts on 10 shares instead of 100, making this strategy accessible to portfolios starting around €6,000.