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 September 30, 2026 end-of-day chain at a 30-day expiry (ATM IV 34.20%), the computed maximum profit is $315.00 per contract and the computed maximum loss is -$5,384.00 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 $53.85 at expiration, derived from the September 30, 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 9.80%; 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 34.20% with IV rank near 43.97%, 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.

TOLZ Covered Call 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 $173.8M, a beta of 0.49 versus the broader market, a 52-week range of 52.39-62.22, average daily share volume of 18K, 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 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.

TOLZ snapshot

As of September 30, 2026, spot at $54.53, ATM IV 34.20%, IV rank 43.97%, expected move 9.80%. The covered call on TOLZ below is built from the September 30, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 16-day expiry.

Why this covered call structure on TOLZ specifically: TOLZ IV at 34.20% is mid-range versus its 1-year history, so the credit collected on a TOLZ covered call sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 9.80% (roughly $5.35 on the underlying). The 16-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 $54.53 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 September 30, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With TOLZ at $54.53 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 16-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	$54.53	long
Sell 1	Call	$57.00	$0.68

TOLZ covered call risk and reward

Net Premium / Debit: -$5,385.00
Max Profit (per contract): $315.00
Max Loss (per contract): -$5,384.00
Breakeven(s): $53.85
Risk / Reward Ratio: 0.059

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.

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%	-$5,384.00
$12.07	-77.9%	-$4,178.42
$24.12	-55.8%	-$2,972.84
$36.18	-33.7%	-$1,767.27
$48.23	-11.5%	-$561.69
$60.29	+10.6%	+$315.00
$72.34	+32.7%	+$315.00
$84.40	+54.8%	+$315.00
$96.46	+76.9%	+$315.00
$108.51	+99.0%	+$315.00

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 $49.18 on the downside to $59.88 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 43.97% is mid-range against its 1-year distribution, so the IV signal is neutral; the covered call 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 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 at $54.53 on the September 30, 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 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 September 30, 2026 end-of-day chain at a 30-day expiry (ATM IV 34.20%), the computed maximum profit is $315.00 per contract and the computed maximum loss is -$5,384.00 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 $53.85 at expiration, derived from the September 30, 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 9.80%; 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 34.20% with IV rank near 43.97%, 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.