How are TOLZ strangle max profit and max loss calculated?

Upside max profit is unbounded; downside max profit is bounded at the put strike minus the combined debit (reached at zero). Max loss equals the combined debit times 100 (reached anywhere between the two OTM strikes). Two breakevens at call-strike plus debit and put-strike minus debit. For the TOLZ strangle priced from the end-of-day chain at a 30-day expiry (ATM IV 26.70%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$124.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a TOLZ strangle?

The breakeven for the TOLZ strangle priced on this page is roughly $54.76 and $63.24 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 7.65%; 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 strangle?

TOLZ ATM IV is at 26.70% with IV rank near 32.29%, 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 Strangle 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 strangle on TOLZ?

A long strangle buys an OTM call and an OTM put at offset strikes, cheaper than a straddle but requiring a larger underlying move to profit since both wings start out-of-the-money.

Current TOLZ snapshot

As of June 30, 2026, spot at $59.27, ATM IV 26.70%, IV rank 32.29%, expected move 7.65%. The strangle 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 52-day expiry.

Why this strangle structure on TOLZ specifically: TOLZ IV at 26.70% 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 7.65% (roughly $4.54 on the underlying). The 52-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 $59.27 per share and to the trader's directional view on TOLZ etf.

TOLZ strangle setup

The TOLZ strangle 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 $59.27, the first option leg uses a $62.00 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 52-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	Call	$62.00	$0.78
Buy 1	Put	$56.00	$0.46

TOLZ strangle risk and reward

Net Premium / Debit: -$124.00
Max Profit (per contract): Unbounded
Max Loss (per contract): -$124.00
Breakeven(s): $54.76, $63.24
Risk / Reward Ratio: Unbounded

Upside max profit is unbounded; downside max profit is bounded at the put strike minus the combined debit (reached at zero). Max loss equals the combined debit times 100 (reached anywhere between the two OTM strikes). Two breakevens at call-strike plus debit and put-strike minus debit.

TOLZ strangle payoff curve

Modeled P&L at expiration across a range of underlying prices for the strangle 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%	+$5,475.00
$13.11	-77.9%	+$4,164.62
$26.22	-55.8%	+$2,854.24
$39.32	-33.7%	+$1,543.85
$52.43	-11.5%	+$233.47
$65.53	+10.6%	+$228.91
$78.63	+32.7%	+$1,539.29
$91.74	+54.8%	+$2,849.67
$104.84	+76.9%	+$4,160.06
$117.94	+99.0%	+$5,470.44

When traders use strangle on TOLZ

Strangles on TOLZ are the cheaper cousin of the straddle - traders use them when they want a large directional move but are willing to give up the inner-strike sensitivity in exchange for a lower up-front debit on the TOLZ chain.

TOLZ thesis for this strangle

The market-implied 1-standard-deviation range for TOLZ extends from approximately $54.73 on the downside to $63.81 on the upside. A TOLZ long strangle is the OTM cousin of the straddle: lower up-front cost but the underlying has to travel further past either OTM strike before the position turns profitable at expiration. Current TOLZ IV rank near 32.29% is mid-range against its 1-year distribution, so the IV signal is neutral; the strangle 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 strangle positions are structurally neutral / high-volatility (long premium, OTM); 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 strangle on TOLZ?: A strangle on TOLZ is the strangle strategy applied to TOLZ (etf). The strategy is structurally neutral / high-volatility (long premium, OTM): A long strangle buys an OTM call and an OTM put at offset strikes, cheaper than a straddle but requiring a larger underlying move to profit since both wings start out-of-the-money. With TOLZ etf trading near $59.27, 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 strangle max profit and max loss calculated?: Upside max profit is unbounded; downside max profit is bounded at the put strike minus the combined debit (reached at zero). Max loss equals the combined debit times 100 (reached anywhere between the two OTM strikes). Two breakevens at call-strike plus debit and put-strike minus debit. For the TOLZ strangle priced from the end-of-day chain at a 30-day expiry (ATM IV 26.70%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$124.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a TOLZ strangle?: The breakeven for the TOLZ strangle priced on this page is roughly $54.76 and $63.24 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 7.65%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a strangle on TOLZ?: Strangles on TOLZ are the cheaper cousin of the straddle - traders use them when they want a large directional move but are willing to give up the inner-strike sensitivity in exchange for a lower up-front debit on the TOLZ chain.
How does current TOLZ implied volatility affect this strangle?: TOLZ ATM IV is at 26.70% with IV rank near 32.29%, 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.