At a glance
TOLZ charges 0.46% a year, below the 0.53% average of the 8 funds most like it (the 6th cheapest of 9). It has $173.7M in assets, the 6th largest of that group; it paid 3.09% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +11.9% with distributions reinvested (S&P 500: +11.5%), 5th of those 9 funds; over three years it returned +17.3% a year. At its worst it fell 39.3% in the 2020 crash (S&P 500: 33.7%) and 21.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 14 months and 21 months after the lows. Its ten largest positions make up 39.5% of the fund, out of 119 in all.
The short version
ProShares DJ Brookfield Global Infrastructure ETF (TOLZ) is an index fund that tracks the Dow Jones Brookfield Global Infrastructure Composite Index. It held 119 companies that own pipelines, power grids, toll roads, airports and cell towers as of August 31, 2026. A strict rule sets it apart: each company must earn more than 70% of its cash flows from infrastructure. It charges 0.46% a year, below the 0.53% average for similar funds.
Price history
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TOLZ +11.9% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| TOLZ official prospectus, to Dec 31, 2025 | — | +14.41% | — | +9.38% | +7.70% | — |
| TOLZ price data to Oct 27, 2026 | +10.9% | +11.9% | +17.3% | +8.0% | +7.5% | +6.5% |
- Over the year to Oct 27, 2026, TOLZ returned +11.9%, 5th of 9 among similar funds.
- Its 5-year annualized return was +8.0% and its 10-year +7.5%.
- In the 2020 COVID crash it fell 39.3% and regained its old high 14.3 months after the low.
- Its worst full calendar year was 2015 (-14.7%); its best was 2019 (+26.9%).
- The deepest fall in its price history was 39.3% (Feb 14, 2020 to Mar 23, 2020), recovered by Jun 2, 2021.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +10.9% | — |
| 2025 | +14.8% | +14.41% |
| 2024 | +11.7% | +11.70% |
| 2023 | +6.2% | +6.46% |
| 2022 | -4.2% | -4.50% |
| 2021 | +20.5% | +20.49% |
| 2020 | -9.4% | -9.11% |
| 2019 | +26.9% | +26.69% |
| 2018 | -8.0% | -7.98% |
| 2017 | +13.3% | +13.19% |
| 2016 | +11.7% | +11.84% |
| 2015 | -14.7% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 39.3% over that stretch · deepest drop along the way 39.3%, back to its old high 14.3 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 16% over that stretch · deepest drop along the way 21.8%, back to its old high 21.3 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.4400 | |
| 2025 | $2.1500 | +24.3% |
| 2024 | $1.7300 | +13.1% |
| 2023 | $1.5300 | +14.2% |
| 2022 | $1.3400 | -14.6% |
| 2021 | $1.5700 | +20.8% |
| 2020 | $1.3000 | -7.1% |
| 2019 | $1.4000 | +1.4% |
| 2018 | $1.3800 | -2.1% |
| 2017 | $1.4100 | +36.9% |
| 2016 | $1.0300 | -22.0% |
| 2015 | $1.3200 |
What's inside
As of Aug 31, 2026, the fund held 119 securities; the ten largest made up 39.55% of assets.
| Holding | Weight | |
|---|---|---|
| Enbridge, Inc. | 6.12% | |
| National Grid plc | 4.93% | |
| Williams Cos., Inc. (The) | 4.45% | |
| Vinci SA | 4.11% | |
| American Tower Corp. | 3.97% | |
| TC Energy Corp. | 3.61% | |
| Energy Transfer LP Other | 3.30% | |
| Kinder Morgan, Inc. | 3.06% | |
| Targa Resources Corp. | 3.05% | |
| Cheniere Energy, Inc. | 2.96% | |
| ONEOK, Inc. | 2.93% | |
| E.ON SE | 2.86% | |
| Enterprise Products Partners LP Other | 2.73% | |
| Sempra | 2.59% | |
| Exelon Corp. | 2.17% |
By country
United States 50.99%Canada 15.93%United Kingdom 7.3%Spain 5.88%France 4.92%By asset type
Stocks 90.23%Other 9.33%RA 0.2%What changed recently
- Over the three months to Aug 31, 2026, investors added a net $2.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -0.13%, +1.19%, -1.49%.
How it works
TOLZ follows an index that S&P Dow Jones Indices builds and maintains. The index looks for companies in developed markets that own and run "pure-play" infrastructure, meaning businesses that do almost nothing else. Examples include airports, toll roads, ports, communications towers, electricity transmission, oil and gas pipelines and storage, and water. To qualify, a company must earn more than 70% of its estimated cash flows from these assets. The index weights companies by market value, which is share price times shares outstanding. No single stock can exceed 10%, and no single country or infrastructure sector can exceed 50%.
ProShare Advisors generally buys every stock in the index in about the same proportions. When that is impractical, it can hold a representative sample instead. The fund must keep at least 80% of its assets in index stocks or similar instruments. It stays fully invested whatever the market is doing. It may own master limited partnerships (MLPs), which are pipeline businesses taxed as partnerships, but it generally keeps them under 25% of assets.
As of August 31, 2026, the 10 largest positions made up 39.55% of the fund, led by Enbridge (6.1%) and National Grid (4.9%). US companies were 51% of the fund and Canadian companies 15.9%, and the fund held no derivatives. TOLZ is not leveraged. Because it owns foreign stocks, changes in exchange rates against the US dollar also move its value.
What it really costs
- TOLZ charges 0.46% a year, versus an average of 0.53% for the similar funds below (6th of 9, cheapest first).
- Of that, 0.45% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $47 in the first year and $573 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| TOLZ | $47 | $146 | $255 | $573 |
In a retirement portfolio
It adds exposure to pipelines, utilities, toll roads and towers, businesses that can behave differently from a broad stock index, but its sharp past drops make it a supporting holding rather than a core one.
TOLZ could add steady-cash-flow infrastructure businesses to a stock-heavy portfolio. Its trailing 12-month yield was 3.09% as of October 27, 2026, and it pays quarterly. It costs 0.46% a year, or about $47 in the first year on $10,000 under the SEC's standard example. Its downturns have been steep. The fund launched in March 2014, so it has no 2008 record. In the 2020 COVID crash it fell 39.3% in about five weeks and took 14.3 months to recover. In 2022 it fell 21.8% between April and October and needed 21.3 months to get back to its peak. Its worst calendar year was 2015, with a loss of 14.7%. Someone selling shares for income during a slump like these would be selling at low prices. Past results don't predict future ones, and a retirement plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want global infrastructure, including pipelines, utilities, toll roads and cell towers, in one index fund for 0.46% a year.
- Income-minded holders comfortable with quarterly payouts. The trailing yield was 3.09% as of October 27, 2026.
- Those wanting a broader mix than pipeline-focused funds like TPYP or MLPX, with holdings such as Vinci, National Grid and American Tower.
Look elsewhere if
- Cost-focused investors. SPDR S&P Global Infrastructure (GII) charges 0.40% and iShares Global Infrastructure (IGF) charges 0.42%, compared with 0.46% for TOLZ.
- Anyone who would struggle through a drop like the 39.3% fall in early 2020, which took 14.3 months to recover.
- Investors avoiding heavy North American energy exposure. Pipeline companies like Enbridge, Williams and TC Energy fill many of the top 10 spots.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| TOLZ this fund | — | 0.46% | $173.7M | +11.9% | +17.3% |
| TPYP Tortoise North American Pipeline Fund | 43% | 0.4% | $894.5M | +28.5% | +26.2% |
| ENFR Alerian Energy Infrastructure ETF | 38% | 0.35% | $548.4M | +35.1% | +27.7% |
| USAI Pacer American Energy Independence ETF | 38% | 0.75% | $132.8M | +31.4% | +25.8% |
| MLPX Global X MLP & Energy Infrastructure ETF | 38% | 0.45% | $3.68B | +32.9% | +27.2% |
| IVRA Invesco Real Assets ESG ETF | 35% | 0.59% | $11.9M | +11.5% | +18.9% |
| GII SPDR S&P Global Infrastructure ETF | 34% | 0.4% | $962.0M | +7.3% | +19.9% |
| IGF iShares Global Infrastructure ETF | 34% | 0.42% | $10.78B | +7.8% | +20.1% |
Questions investors ask
Does TOLZ pay monthly dividends?
No. TOLZ pays distributions quarterly, not monthly. Over the 12 months to October 27, 2026, it paid $1.81 per share, a trailing yield of 3.09%. The income comes from dividends paid by the companies it owns, such as Enbridge, National Grid and Williams. Distributions can rise or fall from one quarter to the next, so past payouts don't guarantee future ones.
What's the difference between TOLZ and IGF?
Both hold global infrastructure stocks, but they follow different indexes and overlap by about 34%. TOLZ only admits companies that earn more than 70% of their cash flows from infrastructure. IGF costs 0.42% a year against 0.46% for TOLZ, and it is far larger: $10.8 billion in net assets as of June 30, 2026, compared with $173.7 million for TOLZ as of August 31, 2026. As of October 27, 2026, TOLZ led over one year (11.9% vs. 7.8%), while IGF led over three years (20.1% vs. 17.3% a year).
Is TOLZ basically an energy pipeline fund?
Not entirely, but pipelines carry a lot of weight. As of August 31, 2026, Enbridge, Williams, TC Energy, Energy Transfer, Kinder Morgan, Targa Resources and Cheniere were all in the top 10. The fund also owns utilities like National Grid and E.ON, the toll-road and airport operator Vinci, and the tower owner American Tower. The prospectus lists energy and utilities as industry concentrations, so swings in energy markets and utility regulation can move the fund.
What is TOLZ's 10-year return?
TOLZ returned an average of 7.7% a year over the 10 years ending December 31, 2025, according to its prospectus. Its average was 9.38% a year over five years and 14.41% over one year. Results have swung widely along the way. Its best quarter was a 15.81% gain in the first quarter of 2019. Its worst was a 24.05% loss in the first quarter of 2020.
Is TOLZ a leveraged ProShares ETF?
No. ProShares offers many leveraged and inverse funds, but TOLZ is a plain index fund. It aims to match its index before fees, not a multiple or the opposite of it, and it held no derivatives as of August 31, 2026. It charges 0.46% a year. Under the SEC's standard example ($10,000 invested, 5% annual return), that comes to about $47 after one year and $573 over 10 years.