Construction: sell 1 OTM put, sell 1 OTM call, buy 1 further OTM call (the bear call spread's long wing). The total credit must exceed the call spread's width for the no-upside-risk property to hold. Downside risk is the short put strike minus the total credit collected — same as a naked short put with credit-reduced cost basis.
Best deployed in elevated IV environments on stocks you're willing to own at the short put strike. The structure works when IV is high enough to fund the call spread credit such that total credit exceeds the call wing width. In low IV, jade lizards are difficult to construct without giving up too much upside or downside protection.