Overlay Shares Large Cap Equity ETF
$57.76+0.01 (+0.01%)
- 0.79%
- $497M
- +24.2%
- 8.18%
- 0.2M sh
- $57.71
- low $48.42high $58.91
The ETF.net OVL Grade
B
Score 58 out of 100
- 25 of 52
Score 58 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.D31 out of 100Rank 34 of 52Mission
Whether the fund did what it promised, tested against its stated mandate.A100 out of 100Rank 1 of 35Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.D29 out of 100Rank 42 of 52Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.A84 out of 100Rank 4 of 52Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.D38 out of 100Rank 33 of 41Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.A70 out of 100Rank 11 of 52
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
- 1
- 100%
- VOO
Sectors
- Technology38.6%
- Financials12.0%
- Communication9.5%
- Consumer Discretionary9.3%
- Health Care9.3%
- Industrials7.7%
- Consumer Staples4.5%
- Energy3.5%
- Utilities2.0%
- Materials1.9%
- Real Estate1.8%
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.
Not enough history yet.
OVL$12,424
Returns run to the Oct 12, 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 | +17.4% |
| 1 month | +2.3% |
| 3 months | +3.4% |
| 1 year | +24.2% |
| 3 years | +25.1% |
| 5 years | +14.3% |
| 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 | +17.4% | |
| 2025 | +17.9% | |
| 2024 | +27.9% | |
| 2023 | +28.0% | |
| 2022 | −22.2% | |
| 2021 | +32.4% | |
| 2020 | +20.2% |
OVL in the news
OVL Dividends
- 8.18%
- $4.72
- $0.49 per share
- Monthly
Distribution history
OVL Risk
- 14.4%
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.
- 1.32
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
0.79%
OVL0.79%
- 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.
Other funds in S&P 500 Option Income
- BTSPYTappAlpha SPY Growth & Daily Income ETFExpense ratio 0.71%1 year return +18.6%
- BHEQTSimplify Hedged Equity ETFExpense ratio 0.53%1 year return +13.8%
- BXRMIGlobal X - S&P 500 Risk Managed Income ETFExpense ratio 0.60%1 year return +11.5%
- BHEMIHartford Equity Premium Income ETFExpense ratio 0.58%1 year return —
- BPHDGInvesco S&P 500 Downside Hedged ETFExpense ratio 0.44%1 year return +14.2%