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OVF

GradeCChicago Board Options Exchange

Overlay Shares Foreign Equity ETF

Option Income · Overlay Shares · Inception 2019-09-30 · SEC filings

$31.52−0.57 (−1.78%)

As of Sep 23, 2026, 2:06 PM EDT

Intraday session: down, 51 prints from 32.09 to 31.52. Range 31.36 to 31.80. Use the arrow keys to read each point.$31.40$31.60$31.70$31.8010 AM12 PM2 PM4 PM
Expense ratio
0.83%
Fund size
$65M
1Y return
+23.1%
Yield · Last 12 months
10.42%
Holdings
10
Volume · 30D
0M sh
NAV per share
$31.96
52W range
low $28.00high $32.76

The ETF.net OVF Grade

C

44/ 100

Rank 15 of 25 in Index Option Income⁠

Confidence Medium

Six-pillar profile for OVF. Scores out of 100: Cost 44, Risk 55, Mission not scored, Tradability 29, Holdings 46, Durability 57. Strongest: Durability (57). Weakest: Tradability (29). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 44 of 100 sits in the C band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    CScore 44
    Category rank14/25 · mid-pack

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    BScore 55
    Category rank10/23 · top 43%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    DScore 29
    Category rank20/25 · bottom quartile

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    CScore 46
    Category rank12/19 · mid-pack

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    BScore 57
    Category rank13/25 · mid-pack

Graded as of Sep 22, 2026 · Based on 5 of 6 pillars

Our read on OVF

ETF.net Research

CA one-ticket foreign equity sleeve that buys other ETFs instead of individual stocks, and unlike the developed-market EAFE crowd it reaches into emerging markets too. Actively managed, small, and priced above the peer norm.

Stated mandate

The actively managed ETF seeks total return by investing in one or more other ETFs that provide exposure to non-U.S. equity securities across developed and emerging markets.

Why people hold it

  1. 01Spans developed and emerging markets in one ticket, while EAFE-benchmarked peers like HDEF, EFAA and NIHI stay inside developed markets.
  2. 02Actively managed fund of ETFs: the manager chooses and shifts the underlying funds rather than locking to one fixed index.
  3. 03Standard 1940 Act ETF wrapper, so it's 1099 tax reporting and no K-1 at tax time.
  4. 04Live since 2019, so it carries a real track record through a full cycle of currency and rate swings rather than a launch-week backtest.

Worth knowing

  1. 01The 0.83% expense ratio runs above the median fee in its peer group, and cheaper routes to the same regions sit right next to it on the shelf.
  2. 02A small, lightly traded fund, which usually means wider bid-ask spreads than mainstream international ETFs.
  3. 03Payouts arrive irregularly rather than on a set monthly or quarterly schedule.

OVF Holdings

As of Sep 20, 2026, 10:08 AM
Asset class
Stocks
Holdings
10
Top-10 weight
100%
Largest holding
IEFA74.5%

Sectors

  • Financials22.7%
  • Technology18.4%
  • Industrials16.6%
  • Consumer Discr.8.2%
  • Health Care8.1%
  • Materials6.7%
  • Cons. Staples5.4%
  • Communication4.9%
  • Energy3.6%
  • Utilities3.0%
  • Real Estate2.4%

Geography

  • United States100.00%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001IEFAiShares Core MSCI EAFE ETF74.53%484,007$47M10
002IEMGiShares Core MSCI Emerging Markets ETF25.47%199,090$16M13

Showing 1–2 of 2 holdings

OVF Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

OVF$12,309
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. OVF $12,309. SPY $11,723. Use the arrow keys to read each point.$9,300$10,977$12,653Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for OVF. Periods over one year show the average yearly return.
PeriodOVF
Year to date+17.6%
1 month+0.1%
3 months+1.5%
1 year+23.1%
3 years+22.1%per year
5 years+9.6%per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for OVF
YearReturn barOVF
2026 YTD+17.6%
2025+33.0%
2024+6.4%
2023+15.3%
2022−17.6%
2021+9.6%
2020+2.6%

OVF in the news

ETF.net Research hasn’t filed on OVF yet — coverage lands here as it’s written.

OVF Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
10.42%Last 12 months
Payout per share
$3.34Last 12 months
Last payment
$0.27 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Monthly

Distribution history

2023–2026

One bar per payment. 20 payments from 2023 to 2026 YTD. Apr 4, 2023 $0.11; Jul 5, 2023 $0.52; Oct 3, 2023 $0.11; Dec 27, 2023 $0.46; Apr 3, 2024 $0.12; Jul 3, 2024 $0.41; Oct 3, 2024 $0.13; Dec 24, 2024 $0.53; Apr 3, 2025 $0.12; Jul 3, 2025 $0.55; Oct 3, 2025 $0.14; Dec 23, 2025 $1.03; Jan 28, 2026 $0.27; Feb 25, 2026 $0.28; Mar 27, 2026 $0.25; Apr 28, 2026 $0.27; May 27, 2026 $0.27; Jun 26, 2026 $0.28; Jul 29, 2026 $0.27; Aug 27, 2026 $0.27. Use the arrow keys to read each point.2023202420252026YTD
Ex-datePay dateAmount per share
Aug 27, 2026Aug 28, 2026$0.27
Jul 29, 2026Jul 30, 2026$0.27
Jun 26, 2026Jun 29, 2026$0.28
May 27, 2026May 28, 2026$0.27
Apr 28, 2026Apr 29, 2026$0.27
Mar 27, 2026Mar 30, 2026$0.25
Feb 25, 2026Feb 26, 2026$0.28
Jan 28, 2026Jan 29, 2026$0.27
Dec 23, 2025Dec 24, 2025$1.03
Oct 3, 2025Oct 6, 2025$0.14
Jul 3, 2025Jul 7, 2025$0.55
Apr 3, 2025Apr 4, 2025$0.12

OVF Risk

How much the fund’s monthly returns vary, scaled to a year.
13.8%
Annualised · 36 months to Aug 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
1.10
vs 3-month T-bills · to Aug 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−29.0%
Trough Oct 2022
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.97
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

OVF Cost

Expense ratio0.83%
  • The middle half of Index Option Income funds
  • Median 0.81%

13 of the 25 Index Option Income funds charge less.

OVF costs $83.00 a year on $10,000. The median Index Option Income fund costs $81.00.