Overlay Shares Large Cap Equity ETF
$57.38−0.48 (−0.84%)
- Expense ratio
- 0.79%
- Fund size
- $456M
- 1Y return
- +19.9%
- Yield · Last 12 months
- 8.02%
- Holdings
- 9
- Volume · 30D
- 0.1M sh
- NAV per share
- $57.86
- 52W range
The ETF.net OVL Grade
Score 58 of 100 sits in the B 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.DScore 29Category rankMission
How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.AScore 100Category rankRisk
How violently it can move — volatility, drawdown depth, and downside capture versus its category.DScore 32Category rankTradability
How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.AScore 85Category rankHoldings
What it actually owns — the quality, breadth, and concentration of the underlying portfolio.DScore 38Category rankDurability
Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.AScore 71Category rank
Our read on OVL
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.
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 Holdings
- Stocks
- 9
- 100%
- VOO
Sectors
- Technology37.4%
- Financials12.2%
- Communication9.9%
- Consumer Discr.9.6%
- Health Care9.1%
- Industrials8.2%
- Cons. Staples4.6%
- Energy3.4%
- Utilities2.2%
- Real Estate1.9%
- Materials1.6%
Geography
- United States100.00%
OVL Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
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.
| Period | OVL |
|---|---|
| Year to date | +16.6% |
| 1 month | +1.6% |
| 3 months | +4.5% |
| 1 year | +19.9% |
| 3 years | +25.2% |
| 5 years | +13.8% |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | OVL |
|---|---|---|
| 2026 YTD | +16.6% | |
| 2025 | +17.9% | |
| 2024 | +27.9% | |
| 2023 | +28.0% | |
| 2022 | −22.2% | |
| 2021 | +32.4% | |
| 2020 | +20.2% |
OVL in the news
ETF.net Research hasn’t filed on OVL yet — coverage lands here as it’s written.
OVL Dividends
- 8.02%
- $4.64
- $0.49 per share
- Monthly
Distribution history
| Ex-date | Pay date | Amount per share |
|---|---|---|
| Aug 27, 2026 | Aug 28, 2026 | $0.49 |
| Jul 29, 2026 | Jul 30, 2026 | $0.49 |
| Jun 26, 2026 | Jun 29, 2026 | $0.49 |
| May 27, 2026 | May 28, 2026 | $0.50 |
| Apr 28, 2026 | Apr 29, 2026 | $0.47 |
| Mar 27, 2026 | Mar 30, 2026 | $0.44 |
| Feb 25, 2026 | Feb 26, 2026 | $0.47 |
| Jan 28, 2026 | Jan 29, 2026 | $0.47 |
| Dec 23, 2025 | Dec 24, 2025 | $0.42 |
| Oct 3, 2025 | Oct 6, 2025 | $0.41 |
| Jul 3, 2025 | Jul 7, 2025 | $0.39 |
| Apr 3, 2025 | Apr 4, 2025 | $0.37 |
OVL Risk
- 15.0%
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.
- 1.13
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.
- −29.2%
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.
- 1.13
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
OVL Cost
- The middle half of S&P 500 Option Income funds
- Median 0.60%
32 of the 51 S&P 500 Option Income funds charge less.