TOLZ Long Put 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 long put on TOLZ?
A long put buys downside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes below the strike minus premium at expiration.
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 long put 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 long put structure on TOLZ specifically: TOLZ IV at 26.00% is mid-range versus its 1-year history, so strategy selection should anchor more to the directional thesis than to the IV regime, 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 long put setup
The TOLZ long put 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 $60.00 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 1 | Put | $60.00 | $1.73 |
TOLZ long put risk and reward
- Net Premium / Debit
- -$173.00
- Max Profit (per contract)
- $5,826.00
- Max Loss (per contract)
- -$173.00
- Breakeven(s)
- $58.27
- Risk / Reward Ratio
- 33.676
Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium.
TOLZ long put payoff curve
Modeled P&L at expiration across a range of underlying prices for the long put 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% | +$5,826.00 |
| $13.20 | -77.9% | +$4,506.77 |
| $26.39 | -55.8% | +$3,187.55 |
| $39.59 | -33.7% | +$1,868.32 |
| $52.78 | -11.5% | +$549.10 |
| $65.97 | +10.6% | -$173.00 |
| $79.16 | +32.7% | -$173.00 |
| $92.36 | +54.8% | -$173.00 |
| $105.55 | +76.9% | -$173.00 |
| $118.74 | +99.0% | -$173.00 |
When traders use long put on TOLZ
Long puts on TOLZ hedge an existing long TOLZ etf position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying TOLZ exposure being hedged.
TOLZ thesis for this long put
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 long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long TOLZ position with one put per 100 shares held. Current TOLZ IV rank near 30.06% is mid-range against its 1-year distribution, so the IV signal is neutral; the long put 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 long put positions are structurally bearish; 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. Long-premium structures like a long put on TOLZ are particularly exposed to IV-crush risk through scheduled events (earnings, FDA decisions, central-bank meetings) where IV typically contracts post-event regardless of the directional outcome. Always rebuild the position from current TOLZ chain quotes before placing a trade.
Frequently asked questions
- What is a long put on TOLZ?
- A long put on TOLZ is the long put strategy applied to TOLZ (etf). The strategy is structurally bearish: A long put buys downside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes below the strike minus premium at expiration. 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 long put max profit and max loss calculated?
- Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium. For the TOLZ long put priced from the end-of-day chain at a 30-day expiry (ATM IV 26.00%), the computed maximum profit is $5,826.00 per contract and the computed maximum loss is -$173.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a TOLZ long put?
- The breakeven for the TOLZ long put priced on this page is roughly $58.27 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 long put on TOLZ?
- Long puts on TOLZ hedge an existing long TOLZ etf position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying TOLZ exposure being hedged.
- How does current TOLZ implied volatility affect this long put?
- 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.