Skip to content
etf.net

OVLH

GradeCChicago Board Options Exchange

Overlay Shares Hedged Large Cap Equity ETF

Option Income · Overlay Shares · Inception 2021-01-14 · SEC filings

$42.33−0.32 (−0.75%)

As of Sep 23, 2026, 1:45 PM EDT

Intraday session: down, 22 prints from 42.65 to 42.33. Range 42.33 to 42.65. Use the arrow keys to read each point.$42.40$42.50$42.6010 AM12 PM2 PM4 PM
Expense ratio
0.80%
Fund size
$110M
1Y return
+9.7%
Yield · Last 12 months
0.28%
Holdings
9
Volume · 30D
0M sh
NAV per share
$42.64
52W range
low $37.33high $43.18

The ETF.net OVLH Grade

C

50/ 100

Rank 31 of 52 in S&P 500 Option Income⁠

Confidence High

Six-pillar profile for OVLH. Scores out of 100: Cost 29, Risk 65, Mission 83, Tradability 34, Holdings 38, Durability 55. Strongest: Mission (83). Weakest: Cost (29). Leans toward Mission.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 50 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.
    DScore 29
    Category rank38/52 · mid-pack

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    AScore 83
    Category rank25/34 · mid-pack

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    BScore 65
    Category rank14/52 · top 27%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    DScore 34
    Category rank40/52 · bottom quartile

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    DScore 38
    Category rank39/41 · bottom quartile

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    BScore 55
    Category rank29/52 · mid-pack

Graded as of Sep 22, 2026

Our read on OVLH

ETF.net Research

CMost S&P 500 income funds sell calls and cap your upside. OVLH works the other side of the chain: hedged U.S. large-cap equity plus an overlay that sells and buys listed short-term puts to generate income and cushion declines.

Stated mandate

The Fund seeks total return through exposure to hedged U.S. large-cap equity securities and an options overlay that sells and purchases listed short-term put options to generate income and hedge against declines.

Why people hold it

  1. 01The overlay trades puts, not calls: it sells and purchases listed short-term puts for income and downside cushion, a different shape from the buy-write funds that fill this group.
  2. 02Hedging is the mandate, not a footnote. The stated objective pairs U.S. large-cap equity exposure with an options sleeve built to hedge against declines.
  3. 03Live since January 2021, so its track record spans the 2022 selloff rather than only calm tape.
  4. 04One ticker carries all three jobs: equity exposure, the hedge and the income engine, inside a standard 1940 Act fund with no options account of your own to roll.

Worth knowing

  1. 01At 0.85% a year it sits above the roughly 0.60% median for S&P 500 options-income peers, and above cheaper takes like IVVW (0.25%) and GPIX (0.35%).
  2. 02A smaller, thinly traded fund, so spreads can widen. Limit orders matter more here than with the giants of this category.
  3. 03Distributions come annually or semiannually, not monthly, so income arrives in lumps rather than a steady drip.

OVLH Holdings

As of Sep 20, 2026, 10:08 AM
Asset class
Stocks
Holdings
9
Top-10 weight
100%
Largest holding
VOO100.0%

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%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001VOOVanguard S&P 500 ETF100.00%150,769$105M57

Showing 1–1 of 1 holdings

OVLH Performance

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

OVLH$10,966
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. OVLH $10,966. SPY $11,723. Use the arrow keys to read each point.$9,353$10,646$11,940Sep 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 OVLH. Periods over one year show the average yearly return.
PeriodOVLH
Year to date+8.3%
1 month+0.7%
3 months+2.2%
1 year+9.7%
3 years+17.1%per year
5 years+9.1%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 OVLH
YearReturn barOVLH
2026 YTD+8.3%
2025+15.8%
2024+18.4%
2023+17.0%
2022−16.2%
2021+20.9%

History from Jan 15, 2021

OVLH in the news

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

OVLH 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.
0.28%Last 12 months
Payout per share
$0.12Last 12 months
Last payment
$0.12 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Annual

Distribution history

2021–2026

One bar per payment. 5 payments from 2021 to 2026 YTD. Dec 29, 2021 $0.12; Dec 28, 2022 $0.20; Dec 27, 2023 $0.24; Dec 24, 2024 $0.11; Dec 23, 2025 $0.12. Use the arrow keys to read each point.202120222023202420252026YTD
Ex-datePay dateAmount per share
Dec 23, 2025Dec 24, 2025$0.12
Dec 24, 2024Dec 26, 2024$0.11
Dec 27, 2023Dec 29, 2023$0.24
Dec 28, 2022Dec 30, 2022$0.20
Dec 29, 2021Dec 31, 2021$0.12

OVLH Risk

How much the fund’s monthly returns vary, scaled to a year.
10.0%
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.
1.03
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.
−20.7%
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.
0.73
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.

OVLH Cost

Expense ratio0.80%
  • The middle half of S&P 500 Option Income funds
  • Median 0.60%

36 of the 51 S&P 500 Option Income funds charge less.

OVLH costs $80.00 a year on $10,000. The median S&P 500 Option Income fund costs $60.00.