JBSS Collar Strategy
JBSS (John B. Sanfilippo & Son, Inc.), in the Consumer Defensive sector, (Packaged Foods industry), listed on NASDAQ.
John B. Sanfilippo & Son, Inc., operating across the United States through its subsidiary JBSS Ventures, LLC, specializes in the processing and distribution of both tree nuts and peanuts. The company's core offerings include a wide selection of raw and prepared nuts, featuring popular varieties like almonds, pecans, peanuts, black walnuts, English walnuts, cashews, macadamia nuts, pistachios, pine nuts, Brazil nuts, and filberts, all available in various styles and flavor profiles. Beyond its extensive nut collection, the product line encompasses a broad spectrum of other items. These range from an array of peanut butters in different sizes and formulations to diverse snack foods, such as trail mixes, salad toppings, snack bites, dried fruits, and chocolate or yogurt-coated treats. The company also supplies baking ingredients, bulk food items, sunflower kernels, pepitas, almond and cashew butters, various candies, corn snacks, chickpea snacks, and a selection of sesame-based snacks, including sesame sticks.
JBSS (John B. Sanfilippo & Son, Inc.) trades in the Consumer Defensive sector, specifically Packaged Foods, with a market capitalization of approximately $1.02B, a trailing P/E of 15.21, a beta of 0.35 versus the broader market, a 52-week range of 59.07-87.694, average daily share volume of 113K, a public-listing history dating back to 1991, approximately 2K full-time employees. These structural characteristics shape how JBSS stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.35 indicates JBSS has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. JBSS pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a collar on JBSS?
A collar pairs long stock with a protective out-of-the-money put financed by a short out-of-the-money call, capping both tails of the position around the current spot.
Current JBSS snapshot
As of June 30, 2026, spot at $86.50, ATM IV 90.40%, IV rank 15.87%, expected move 25.92%. The collar on JBSS 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 17-day expiry.
Why this collar structure on JBSS specifically: IV regime affects collar pricing on both sides; compressed JBSS IV at 90.40% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 25.92% (roughly $22.42 on the underlying). The 17-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated JBSS expiries trade a higher absolute premium for lower per-day decay. Position sizing on JBSS should anchor to the underlying notional of $86.50 per share and to the trader's directional view on JBSS stock.
JBSS collar setup
The JBSS collar below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With JBSS near $86.50, the first option leg uses a $90.83 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed JBSS chain at a 17-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 JBSS shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $86.50 | long |
| Sell 1 | Call | $90.83 | N/A |
| Buy 1 | Put | $82.18 | N/A |
JBSS collar 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 roughly equals short-call strike minus cost basis plus net premium; max loss roughly equals cost basis minus long-put strike minus net premium. Breakeven shifts by the net premium.
JBSS collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on JBSS. 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 collar on JBSS
Collars on JBSS hedge an existing long JBSS stock position; the long put sets a floor while the short call finances it, often run as a near-zero-cost hedge during expected volatility windows.
JBSS thesis for this collar
The market-implied 1-standard-deviation range for JBSS extends from approximately $64.08 on the downside to $108.92 on the upside. A JBSS collar hedges an existing long JBSS position with a protective put while financing the put cost via a short call; when the premiums roughly offset, the collar acts as a near-zero-cost insurance band around the current spot. Current JBSS IV rank near 15.87% sits in the lower third of its 1-year distribution, where IV often re-expands toward the mean; this favors premium-buying structures and disadvantages premium-selling structures on JBSS at 90.40%. As a Consumer Defensive name, JBSS options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to JBSS-specific events.
JBSS collar positions are structurally neutral (protective); 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. JBSS positions also carry Consumer Defensive sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move JBSS alongside the broader basket even when JBSS-specific fundamentals are unchanged. Always rebuild the position from current JBSS chain quotes before placing a trade.
Frequently asked questions
- What is a collar on JBSS?
- A collar on JBSS is the collar strategy applied to JBSS (stock). The strategy is structurally neutral (protective): A collar pairs long stock with a protective out-of-the-money put financed by a short out-of-the-money call, capping both tails of the position around the current spot. With JBSS stock trading near $86.50, the strikes shown on this page are snapped to the nearest listed JBSS chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are JBSS collar max profit and max loss calculated?
- Max profit roughly equals short-call strike minus cost basis plus net premium; max loss roughly equals cost basis minus long-put strike minus net premium. Breakeven shifts by the net premium. For the JBSS collar priced from the end-of-day chain at a 30-day expiry (ATM IV 90.40%), 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 JBSS collar?
- The breakeven for the JBSS collar priced on this page is no defined breakeven on the modeled curve 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 JBSS market-implied 1-standard-deviation expected move is approximately 25.92%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on JBSS?
- Collars on JBSS hedge an existing long JBSS stock position; the long put sets a floor while the short call finances it, often run as a near-zero-cost hedge during expected volatility windows.
- How does current JBSS implied volatility affect this collar?
- JBSS ATM IV is at 90.40% with IV rank near 15.87%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.