JBS Butterfly Strategy
JBS (Jbs N.V.), in the Consumer Defensive sector, (Packaged Foods industry), listed on NYSE.
JBS NV is a food company that engages in the sale of beef, pork, lamb meat and poultry products. It offers its products to supermarkets, club stores, other retail distributors, and foodservice companies. The company was founded on October 9, 2019 and is headquartered in Amstelveen, the Netherlands.
JBS (Jbs N.V.) trades in the Consumer Defensive sector, specifically Packaged Foods, with a market capitalization of approximately $29.10B, a trailing P/E of 10.85, a beta of 0.16 versus the broader market, a 52-week range of 11.49-18.65, average daily share volume of 6.4M, a public-listing history dating back to 2025, approximately 283K full-time employees. These structural characteristics shape how JBS stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.16 indicates JBS has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. The trailing P/E of 10.85 is on the value side, where IV often compresses outside event windows because forward growth expectations are already discounted into the share price. JBS pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a butterfly on JBS?
A long call butterfly buys one lower-strike call, sells two ATM calls, and buys one higher-strike call, paying a small net debit for a defined-risk position that maxes out if the underlying pins the middle strike at expiration.
JBS snapshot
As of August 14, 2026, spot at $13.61, ATM IV 245.40%, IV rank 49.42%, expected move 10.31%. The butterfly on JBS below is built from the end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 35-day expiry.
Why this butterfly structure on JBS specifically: JBS IV at 245.40% is mid-range versus its 1-year history, so strategy selection should anchor more to the directional thesis than to the IV regime, with a market-implied 1-standard-deviation move of approximately 10.31% (roughly $1.40 on the underlying). The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated JBS expiries trade a higher absolute premium for lower per-day decay. Position sizing on JBS should anchor to the underlying notional of $13.61 per share and to the trader's directional view on JBS stock.
JBS butterfly setup
The JBS butterfly below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With JBS at $13.61 on that close, the first option leg uses a $12.93 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed JBS chain at a 35-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 JBS shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $12.93 | N/A |
| Sell 2 | Call | $13.61 | N/A |
| Buy 1 | Call | $14.29 | N/A |
JBS butterfly risk and reward
- Net Premium / Debit
- N/A
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- Unbounded
- Breakeven(s)
- None on modeled curve
- Risk / Reward Ratio
- N/A
Max profit equals the wing width minus net debit times 100 (reached when the underlying pins the middle strike); max loss equals the net debit times 100. Two breakevens at lower-wing plus debit and upper-wing minus debit.
JBS butterfly payoff curve
Modeled P&L at expiration across a range of underlying prices for the butterfly on JBS. 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 butterfly on JBS
Butterflies on JBS are pinning bets - traders use them when they expect JBS to settle near a specific level at expiration (often the prior close, a round number, or the max-pain strike) and want defined-risk exposure to that outcome.
JBS thesis for this butterfly
The market-implied 1-standard-deviation range for JBS extends from approximately $12.21 on the downside to $15.01 on the upside. A JBS long call butterfly is a pinning play: it pays maximum at the middle strike if JBS settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current JBS IV rank near 49.42% is mid-range against its 1-year distribution, so the IV signal is neutral; the butterfly thesis on JBS should anchor more to the directional view and the expected-move geometry. As a Consumer Defensive name, JBS options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to JBS-specific events.
JBS butterfly positions are structurally neutral / pin (limited-risk, limited-reward); 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. JBS positions also carry Consumer Defensive sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move JBS alongside the broader basket even when JBS-specific fundamentals are unchanged. Always rebuild the position from current JBS chain quotes before placing a trade.
Frequently asked questions
- What is a butterfly on JBS?
- A butterfly on JBS is the butterfly strategy applied to JBS (stock). The strategy is structurally neutral / pin (limited-risk, limited-reward): A long call butterfly buys one lower-strike call, sells two ATM calls, and buys one higher-strike call, paying a small net debit for a defined-risk position that maxes out if the underlying pins the middle strike at expiration. With JBS stock at $13.61 on the most recent close, the strikes shown on this page are snapped to the nearest listed JBS chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are JBS butterfly max profit and max loss calculated?
- Max profit equals the wing width minus net debit times 100 (reached when the underlying pins the middle strike); max loss equals the net debit times 100. Two breakevens at lower-wing plus debit and upper-wing minus debit. For the JBS butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 245.40%), the computed maximum profit is unbounded per contract and the computed maximum loss is unbounded per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a JBS butterfly?
- The breakeven for the JBS butterfly priced on this page is no defined breakeven on the modeled curve at expiration, derived from the 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 JBS market-implied 1-standard-deviation expected move in the same options snapshot is approximately 10.31%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a butterfly on JBS?
- Butterflies on JBS are pinning bets - traders use them when they expect JBS to settle near a specific level at expiration (often the prior close, a round number, or the max-pain strike) and want defined-risk exposure to that outcome.
- How does current JBS implied volatility affect this butterfly?
- JBS ATM IV is at 245.40% with IV rank near 49.42%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.