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Launched · SEC filings

Overlay Shares Large Cap Equity ETF

OVLCboeOverlay SharesB

$54.23−0.54 (−0.99%)

As of Nov 10, 2026, 11:25 AM ET

B59/ 100

Rank 27 of 51 in S&P 500 Option Income

B59/100Rank 27 of 51inS&P 500 Option Income
Intraday session: down, 24 prints from 54.77 to 54.23. Range 54.13 to 54.65. Use the arrow keys to read each point.54.4054.6010 AM12 PM2 PM4 PM
Expense ratio
0.79%
Fund size
$513M
1Y total return
+15.5%
Yield · Last 12 months
9.53%
Holdings
1
Avg volume · 30D
193K sh
52W range
low $48.42high $58.91
Launched
Filings
SEC EDGAR

The ETF.net OVL Grade

B

Score 59 out of 100

Category
S&P 500 Option Income⁠
Rank
27 of 51
Six-pillar profile for OVL. Scores out of 100: Cost 32, Risk 32, Mission 100, Tradability 84, Holdings 37, Durability 72. Strongest: Mission (100). Weakest: Risk (32). Leans toward Mission.

Score 59 of 100 falls in the B band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    D32 out of 100
    Rank 33 of 51

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    A100 out of 100
    Rank 1 of 37

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    D32 out of 100
    Rank 40 of 51

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    A84 out of 100
    Rank 4 of 51

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    D37 out of 100
    Rank 31 of 40

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    A72 out of 100
    Rank 9 of 51

Our read on OVL

ETF.net Research

In short

BThe overlay is the whole product. OVL builds its U.S. large-cap exposure out of other ETFs, then runs an options strategy on top of it, and it does precisely what its prospectus says it will.

Stated mandate

The Fund is an actively managed ETF pursuing total return through exposure to U.S. large-cap equity securities, primarily through other ETFs or related investments.

Why people hold it

  • No gap between the pitch and the portfolio: actively managed U.S. large-cap total-return exposure, built primarily from other ETFs, with the options overlay running on top of it.
  • Lands in the upper half of a crowded options-income field, and among the more solid implementations of the S&P 500 overlay idea.
  • Trading friction sits on the easier end for this corner of the market, so the cost of getting in and out is less of a drag than the cohort norm.
  • Running since 2019, which means the overlay has been through real markets rather than a backtest.

Worth knowing

  • At 0.79%, the fee runs a touch above the typical overlay fund, and cheaper builds of the same idea exist (NBOS at 0.59%). You are paying up for this specific implementation.
  • Distributions are irregular, not a set monthly rhythm. Worth knowing if you are mapping out cash flow from an income-oriented strategy.
  • You own a short stack of funds, not a broad basket of individual stocks. It is a wrapper around other ETFs, and it is a smaller fund than the giants of its category.

OVL Performance

Launched Sep 30, 2019

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

Not enough history yet.
OVL$11,552
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,339
Nov 7, 2025 to Nov 9, 2026. OVL $11,552. SPY $11,339. Use the arrow keys to read each point.$10,000$11,000$12,000Nov 2025May 2026Nov 2026

Nov 7, 2025 – Nov 9, 2026

Returns run to the Nov 9, 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 OVL. Periods over one year show the average yearly return.
PeriodOVL
Year to date+12.3%
1 month−4.3%
3 months−3.4%
1 year+15.5%
3 yearsper year+23.6%
5 yearsper year+11.5%
10 yearsFund is under 10 years oldper yearNo data

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 OVL
YearReturn barOVL
2026 YTD+12.3%
2025+17.9%
2024+27.9%
2023+28.0%
2022−22.2%
2021+32.4%
2020+20.2%

OVL in the news

OVL 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 Nov 9, 2026.
9.53%Last 12 months
Payout per share
$5.22Last 12 months
Last payment
$0.49 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. 22 payments from 2023 to 2026 YTD. Apr 4, 2023 $0.29; Jul 5, 2023 $0.32; Oct 3, 2023 $0.30; Dec 27, 2023 $0.34; Apr 3, 2024 $0.30; Jul 3, 2024 $0.38; Oct 3, 2024 $0.38; Dec 24, 2024 $0.39; Apr 3, 2025 $0.37; Jul 3, 2025 $0.39; Oct 3, 2025 $0.41; Dec 23, 2025 $0.42; Jan 28, 2026 $0.47; Feb 25, 2026 $0.47; Mar 27, 2026 $0.44; Apr 28, 2026 $0.47; May 27, 2026 $0.50; Jun 26, 2026 $0.49; Jul 29, 2026 $0.49; Aug 27, 2026 $0.49; Sep 29, 2026 $0.49; Oct 28, 2026 $0.49. Use the arrow keys to read each point.2023202420252026YTD
Ex-datePay dateAmount per share
Oct 28, 2026Oct 29, 2026$0.49
Sep 29, 2026Sep 30, 2026$0.49
Aug 27, 2026Aug 28, 2026$0.49
Jul 29, 2026Jul 30, 2026$0.49
Jun 26, 2026Jun 29, 2026$0.49
May 27, 2026May 28, 2026$0.50
Apr 28, 2026Apr 29, 2026$0.47
Mar 27, 2026Mar 30, 2026$0.44
Feb 25, 2026Feb 26, 2026$0.47
Jan 28, 2026Jan 29, 2026$0.47
Dec 23, 2025Dec 24, 2025$0.42
Oct 3, 2025Oct 6, 2025$0.41

See all 35 payments⁠

$10,000 in OVL 5 years ago paid $2,685 in dividends.⁠

OVL Risk

Risk pillarD32 out of 100Rank 40 of 51 in S&P 500 Option Income
How much the fund’s monthly returns vary, scaled to a year.
14.2%
Annualised · 36 months to Oct 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.
1.40
vs 3-month T-bills · to Oct 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.
−29.2%
Trough Sep 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.
1.14
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.

FMP measures it over up to five years of monthly returns.

OVL Cost

Compare OVL and PEPS

Overpaying vs PEPS, cheapest in S&P 500 Option Income

$13,068

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • OVL 0.79%

    $15,174

  • PEPS 0.10% Cheapest

    $2,106

$10,000
30 years

Cost over time

  • OVL 0.79%
  • PEPS 0.10%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530OVL $15,174PEPS $2,106

Year by year

YearOVLPEPSOverpaying
10$1,405$183$1,222
20$5,331$717$4,614
30$15,174$2,106$13,068

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