TOLZ Collar 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 $174.2M, 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 collar on TOLZ?
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 TOLZ snapshot
As of June 29, 2026, spot at $59.67, ATM IV 26.00%, IV rank 30.06%, expected move 7.45%. The collar on TOLZ 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 53-day expiry.
Why this collar structure on TOLZ specifically: IV regime affects collar pricing on both sides; mid-range TOLZ IV at 26.00% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 7.45% (roughly $4.45 on the underlying). The 53-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 $59.67 per share and to the trader's directional view on TOLZ etf.
TOLZ collar setup
The TOLZ 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 TOLZ near $59.67, the first option leg uses a $63.00 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 53-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 100 shares | Stock | $59.67 | long |
| Sell 1 | Call | $63.00 | $0.65 |
| Buy 1 | Put | $57.00 | $0.62 |
TOLZ collar risk and reward
- Net Premium / Debit
- -$5,964.00
- Max Profit (per contract)
- $336.00
- Max Loss (per contract)
- -$264.00
- Breakeven(s)
- $59.64
- Risk / Reward Ratio
- 1.273
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.
TOLZ collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar 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% | -$264.00 |
| $13.20 | -77.9% | -$264.00 |
| $26.39 | -55.8% | -$264.00 |
| $39.59 | -33.7% | -$264.00 |
| $52.78 | -11.5% | -$264.00 |
| $65.97 | +10.6% | +$336.00 |
| $79.16 | +32.7% | +$336.00 |
| $92.36 | +54.8% | +$336.00 |
| $105.55 | +76.9% | +$336.00 |
| $118.74 | +99.0% | +$336.00 |
When traders use collar on TOLZ
Collars on TOLZ hedge an existing long TOLZ etf 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.
TOLZ thesis for this collar
The market-implied 1-standard-deviation range for TOLZ extends from approximately $55.22 on the downside to $64.12 on the upside. A TOLZ collar hedges an existing long TOLZ 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 TOLZ IV rank near 30.06% is mid-range against its 1-year distribution, so the IV signal is neutral; the collar thesis on TOLZ should anchor more to the directional view and the expected-move geometry. 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 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. 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 collar on TOLZ?
- A collar on TOLZ is the collar strategy applied to TOLZ (etf). 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 TOLZ etf trading near $59.67, the strikes shown on this page are snapped to the nearest listed TOLZ chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are TOLZ 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 TOLZ collar priced from the end-of-day chain at a 30-day expiry (ATM IV 26.00%), the computed maximum profit is $336.00 per contract and the computed maximum loss is -$264.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a TOLZ collar?
- The breakeven for the TOLZ collar priced on this page is roughly $59.64 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 TOLZ market-implied 1-standard-deviation expected move is approximately 7.45%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on TOLZ?
- Collars on TOLZ hedge an existing long TOLZ etf 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 TOLZ implied volatility affect this collar?
- TOLZ ATM IV is at 26.00% with IV rank near 30.06%, 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.