TOLZ Butterfly Strategy
TOLZ (ProShares - DJ Brookfield Global Infrastructure ETF), in the Financial Services sector, (Asset Management - Global industry), listed on AMEX.
The ProShares - DJ Brookfield Global Infrastructure ETF (TOLZ) aims to track an index composed of companies worldwide that are exclusively focused on infrastructure. These "pure-play" firms generate their primary revenue from owning and operating essential infrastructure assets, which are typically characterized by their ability to produce stable and long-term cash flows. Under standard market conditions, the fund allocates at least 80% of its total assets to the securities that constitute this index. Investors should be aware that this fund operates as a non-diversified investment.
TOLZ (ProShares - DJ Brookfield Global Infrastructure ETF) trades in the Financial Services sector, specifically Asset Management - Global, with a market capitalization of approximately $189.2M, a beta of 0.49 versus the broader market, a 52-week range of 52.39-62.22, average daily share volume of 22K, a public-listing history dating back to 2014. These structural characteristics shape how TOLZ etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.49 indicates TOLZ has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. TOLZ pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a butterfly on TOLZ?
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.
TOLZ snapshot
As of August 14, 2026, spot at $59.58, ATM IV 23.90%, IV rank 17.73%, expected move 6.85%. The butterfly on TOLZ 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 35-day expiry.
Why this butterfly structure on TOLZ specifically: TOLZ IV at 23.90% is on the cheap side of its 1-year range, which favors premium-buying structures like a TOLZ butterfly, with a market-implied 1-standard-deviation move of approximately 6.85% (roughly $4.08 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 TOLZ expiries trade a higher absolute premium for lower per-day decay. Position sizing on TOLZ should anchor to the underlying notional of $59.58 per share and to the trader's directional view on TOLZ etf.
TOLZ butterfly setup
The TOLZ butterfly 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 TOLZ at $59.58 on that close, the first option leg uses a $57.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed TOLZ 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 TOLZ shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $57.00 | $2.85 |
| Sell 2 | Call | $60.00 | $1.72 |
| Buy 1 | Call | $63.00 | $0.69 |
TOLZ butterfly risk and reward
- Net Premium / Debit
- -$10.00
- Max Profit (per contract)
- $278.44
- Max Loss (per contract)
- -$10.00
- Breakeven(s)
- $57.01, $62.99
- Risk / Reward Ratio
- 27.844
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.
TOLZ butterfly payoff curve
Modeled P&L at expiration across a range of underlying prices for the butterfly on TOLZ. 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.
| Underlying Price | % From Spot | P&L at Expiration |
|---|---|---|
| $0.01 | -100.0% | -$10.00 |
| $13.18 | -77.9% | -$10.00 |
| $26.35 | -55.8% | -$10.00 |
| $39.53 | -33.7% | -$10.00 |
| $52.70 | -11.5% | -$10.00 |
| $65.87 | +10.6% | -$10.00 |
| $79.04 | +32.7% | -$10.00 |
| $92.22 | +54.8% | -$10.00 |
| $105.39 | +76.9% | -$10.00 |
| $118.56 | +99.0% | -$10.00 |
When traders use butterfly on TOLZ
Butterflies on TOLZ are pinning bets - traders use them when they expect TOLZ 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.
TOLZ thesis for this butterfly
The market-implied 1-standard-deviation range for TOLZ extends from approximately $55.50 on the downside to $63.66 on the upside. A TOLZ long call butterfly is a pinning play: it pays maximum at the middle strike if TOLZ settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current TOLZ IV rank near 17.73% 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 TOLZ at 23.90%. As a Financial Services name, TOLZ options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to TOLZ-specific events.
TOLZ 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. TOLZ positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move TOLZ alongside the broader basket even when TOLZ-specific fundamentals are unchanged. Always rebuild the position from current TOLZ chain quotes before placing a trade.
Frequently asked questions
- What is a butterfly on TOLZ?
- A butterfly on TOLZ is the butterfly strategy applied to TOLZ (etf). 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 TOLZ etf at $59.58 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed TOLZ chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are TOLZ 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 TOLZ butterfly priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 23.90%), the computed maximum profit is $278.44 per contract and the computed maximum loss is -$10.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a TOLZ butterfly?
- The breakeven for the TOLZ butterfly priced on this page is roughly $57.01 and $62.99 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 TOLZ market-implied 1-standard-deviation expected move in the same options snapshot is approximately 6.85%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a butterfly on TOLZ?
- Butterflies on TOLZ are pinning bets - traders use them when they expect TOLZ 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 TOLZ implied volatility affect this butterfly?
- TOLZ ATM IV is at 23.90% with IV rank near 17.73%, 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.