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 August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 23.90%), the computed maximum profit is $337.00 per contract and the computed maximum loss is -$263.00 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 $59.63 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.

How does current TOLZ implied volatility affect this collar?

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.

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 $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 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.

TOLZ snapshot

As of August 14, 2026, spot at $59.58, ATM IV 23.90%, IV rank 17.73%, expected move 6.85%. The collar 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 collar structure on TOLZ specifically: IV regime affects collar pricing on both sides; compressed TOLZ IV at 23.90% typically pushes the short call premium to roughly offset the long put cost, 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 collar setup

The TOLZ collar 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 $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 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 100 shares	Stock	$59.58	long
Sell 1	Call	$63.00	$0.69
Buy 1	Put	$57.00	$0.74

TOLZ collar risk and reward

Net Premium / Debit: -$5,963.00
Max Profit (per contract): $337.00
Max Loss (per contract): -$263.00
Breakeven(s): $59.63
Risk / Reward Ratio: 1.281

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.

P&L at expiration across the modeled underlying-price range. Green shading marks profitable regions, red shading marks loss regions. Dotted purple verticals mark breakevens; the solid dark vertical marks current spot.

Underlying Price	% From Spot	P&L at Expiration
$0.01	-100.0%	-$263.00
$13.18	-77.9%	-$263.00
$26.35	-55.8%	-$263.00
$39.53	-33.7%	-$263.00
$52.70	-11.5%	-$263.00
$65.87	+10.6%	+$337.00
$79.04	+32.7%	+$337.00
$92.22	+54.8%	+$337.00
$105.39	+76.9%	+$337.00
$118.56	+99.0%	+$337.00

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 $55.50 on the downside to $63.66 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 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 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 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 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 August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 23.90%), the computed maximum profit is $337.00 per contract and the computed maximum loss is -$263.00 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 $59.63 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 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 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.