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Launched · SEC filings

Overlay Shares Hedged Large Cap Equity ETF

OVLHCboeOverlay SharesB

$41.65−0.11 (−0.26%)

As of Nov 2, 2026, 3:51 PM ET

B56/ 100

Rank 29 of 52 in S&P 500 Option Income

B56/100Rank 29 of 52inS&P 500 Option Income
Intraday session: down, 77 prints from 41.76 to 41.65. Range 41.63 to 42.05. Use the arrow keys to read each point.41.7041.9042.0010 AM12 PM2 PM4 PM
Expense ratio
0.80%
Fund size
$104M
1Y total return
+5.2%
Yield · Last 12 months
0.28%
Holdings
1
Avg volume · 30D
15.3K sh
52W range
low $37.33high $43.18
Launched
Filings
SEC EDGAR

The ETF.net OVLH Grade

B

Score 56 out of 100

Category
S&P 500 Option Income⁠
Rank
29 of 52
Six-pillar profile for OVLH. Scores out of 100: Cost 31, Risk 64, Mission 86, Tradability 63, Holdings 37, Durability 55. Strongest: Mission (86). Weakest: Cost (31). Leans toward Mission.

Score 56 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 100
    Rank 34 of 52

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    A86 out of 100
    Rank 25 of 36

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    B64 out of 100
    Rank 15 of 52

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    B63 out of 100
    Rank 13 of 52

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    D37 out of 100
    Rank 33 of 41

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    B55 out of 100
    Rank 25 of 52

Our read on OVLH

ETF.net Research

In short

BMost 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

  • The 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.
  • Hedging 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.
  • Live since January 2021, so its track record spans the 2022 selloff rather than only calm tape.
  • One 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

  • At 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%).
  • A smaller, thinly traded fund, so spreads can widen. Limit orders matter more here than with the giants of this category.
  • Distributions come annually or semiannually, not monthly, so income arrives in lumps rather than a steady drip.

OVLH Performance

Launched Jan 14, 2021

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.
OVLH$10,523
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. OVLH $10,523. SPY $11,199. Use the arrow keys to read each point.$10,000$11,000Oct 2025Apr 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 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+6.0%
1 month−0.9%
3 months+0.3%
1 year+5.2%
3 yearsper year+17.7%
5 yearsper year+7.9%
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 OVLH
YearReturn barOVLH
2026 YTD+6.0%
2025+15.8%
2024+18.4%
2023+17.0%
2022−16.2%
2021+20.9%

History from Jan 15, 2021

OVLH in the news

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 Oct 30, 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

$10,000 in OVLH 5 years ago paid $264 in dividends.

OVLH Risk

Risk pillarB64 out of 100Rank 15 of 52 in S&P 500 Option Income
How much the fund’s monthly returns vary, scaled to a year.
9.3%
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.
1.34
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.
−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.

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

OVLH Cost

Compare OVLH and PEPS

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

$13,240

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

  • OVLH 0.80%

    $15,346

  • PEPS 0.10% Cheapest

    $2,106

$10,000
30 years

Cost over time

  • OVLH 0.80%
  • 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$20K051015202530OVLH $15,346PEPS $2,106

Year by year

YearOVLHPEPSOverpaying
10$1,422$183$1,239
20$5,393$717$4,676
30$15,346$2,106$13,240

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