How are TOLZ covered call max profit and max loss calculated?

Max profit equals short-strike minus cost basis plus premium times 100; max loss is cost basis minus premium (at zero). Breakeven is cost basis minus premium. For the TOLZ covered call priced from the end-of-day chain at a 30-day expiry (ATM IV 22.50%), the computed maximum profit is $346.00 per contract and the computed maximum loss is -$5,953.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a TOLZ covered call?

The breakeven for the TOLZ covered call priced on this page is roughly $59.54 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 6.45%; 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 covered call?

TOLZ ATM IV is at 22.50% with IV rank near 18.90%, 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 Covered Call Strategy

TOLZ (ProShares - DJ Brookfield Global Infrastructure ETF), in the Financial Services sector, (Asset Management - Global industry), listed on AMEX.

The index consists of companies domiciled globally that qualify as "pure-play" infrastructure companies-companies whose primary business is the ownership and operation of infrastructure assets, activities that generally generate long-term stable cash flows. Under normal circumstances, the fund will invest at least 80% of its total assets in component securities. It is non-diversified.

TOLZ (ProShares - DJ Brookfield Global Infrastructure ETF) trades in the Financial Services sector, specifically Asset Management - Global, with a market capitalization of approximately $178.2M, a beta of 0.56 versus the broader market, a 52-week range of 52.39-62.22, average daily share volume of 21K, 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 0.56 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 covered call on TOLZ?

A covered call pairs long stock with a short out-of-the-money call, collecting premium and capping upside above the short strike in exchange for income.

Current TOLZ snapshot

As of May 15, 2026, spot at $60.28, ATM IV 22.50%, IV rank 18.90%, expected move 6.45%. The covered call 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 34-day expiry.

Why this covered call structure on TOLZ specifically: TOLZ IV at 22.50% is on the cheap side of its 1-year range, which means a premium-selling TOLZ covered call collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 6.45% (roughly $3.89 on the underlying). The 34-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 $60.28 per share and to the trader's directional view on TOLZ etf.

TOLZ covered call setup

The TOLZ covered call 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 $60.28, 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 34-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	$60.28	long
Sell 1	Call	$63.00	$0.74

TOLZ covered call risk and reward

Net Premium / Debit: -$5,954.00
Max Profit (per contract): $346.00
Max Loss (per contract): -$5,953.00
Breakeven(s): $59.54
Risk / Reward Ratio: 0.058

Max profit equals short-strike minus cost basis plus premium times 100; max loss is cost basis minus premium (at zero). Breakeven is cost basis minus premium.

TOLZ covered call payoff curve

Modeled P&L at expiration across a range of underlying prices for the covered call 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%	-$5,953.00
$13.34	-77.9%	-$4,620.29
$26.66	-55.8%	-$3,287.57
$39.99	-33.7%	-$1,954.86
$53.32	-11.5%	-$622.15
$66.65	+10.6%	+$346.00
$79.97	+32.7%	+$346.00
$93.30	+54.8%	+$346.00
$106.63	+76.9%	+$346.00
$119.95	+99.0%	+$346.00

When traders use covered call on TOLZ

Covered calls on TOLZ are an income strategy run on existing TOLZ etf positions; traders typically sell calls at 25-35 delta with 30-45 days to expiration to balance premium against upside cap.

TOLZ thesis for this covered call

The market-implied 1-standard-deviation range for TOLZ extends from approximately $56.39 on the downside to $64.17 on the upside. A TOLZ covered call collects premium on an existing long TOLZ position, trading off upside above the short call strike for immediate income; the short strike selection should reflect the trader's view on whether TOLZ will breach that level within the expiration window. Current TOLZ IV rank near 18.90% 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 22.50%. 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 covered call positions are structurally neutral to slightly bullish; 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. Short-premium structures like a covered call on TOLZ carry tail risk when realized volatility exceeds the implied move; review historical TOLZ earnings reactions and macro stress periods before sizing. Always rebuild the position from current TOLZ chain quotes before placing a trade.

Frequently asked questions

What is a covered call on TOLZ?: A covered call on TOLZ is the covered call strategy applied to TOLZ (etf). The strategy is structurally neutral to slightly bullish: A covered call pairs long stock with a short out-of-the-money call, collecting premium and capping upside above the short strike in exchange for income. With TOLZ etf trading near $60.28, 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 covered call max profit and max loss calculated?: Max profit equals short-strike minus cost basis plus premium times 100; max loss is cost basis minus premium (at zero). Breakeven is cost basis minus premium. For the TOLZ covered call priced from the end-of-day chain at a 30-day expiry (ATM IV 22.50%), the computed maximum profit is $346.00 per contract and the computed maximum loss is -$5,953.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a TOLZ covered call?: The breakeven for the TOLZ covered call priced on this page is roughly $59.54 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 6.45%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a covered call on TOLZ?: Covered calls on TOLZ are an income strategy run on existing TOLZ etf positions; traders typically sell calls at 25-35 delta with 30-45 days to expiration to balance premium against upside cap.
How does current TOLZ implied volatility affect this covered call?: TOLZ ATM IV is at 22.50% with IV rank near 18.90%, 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.