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Launched · SEC filings

Overlay Shares Hedged Large Cap Equity ETF

OVLHCboeC

$42.76−0.01 (−0.01%)

As of Oct 13, 2026, 3:51 PM

C54/ 100

Rank 30 of 52 in S&P 500 Option Income

C54/100Rank 30 of 52inS&P 500 Option Income
Intraday session: down, 26 prints from 42.77 to 42.76. Range 42.70 to 42.81. Use the arrow keys to read each point.42.7042.7242.7442.8010 AM12 PM2 PM4 PM
Expense ratio
0.80%
Fund size
$107M
1Y total return
+11.5%
Yield · Last 12 months
0.28%
Holdings
1
Avg volume · 30D
0M sh
NAV per share
$42.77
52W range
low $37.33high $43.18
Launched
Filings
SEC EDGAR

The ETF.net OVLH Grade

C

Score 54 out of 100

Category
S&P 500 Option Income⁠
Rank
30 of 52
Six-pillar profile for OVLH. Scores out of 100: Cost 31, Risk 63, Mission 81, Tradability 62, Holdings 38, Durability 54. Strongest: Mission (81). Weakest: Cost (31). Leans toward Mission.

Score 54 of 100 falls in the C 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.
    A81 out of 100
    Rank 26 of 35

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    B63 out of 100
    Rank 13 of 52

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    B62 out of 100
    Rank 13 of 52

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    D38 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.
    C54 out of 100
    Rank 31 of 52

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 Oct 12, 2026
Asset class
Stocks
Holdings
1
Top-10 weight
100%
Largest holding
VOO100.0%

Sectors

  • Technology38.7%
  • Financials12.0%
  • Communication9.5%
  • Consumer Discretionary9.3%
  • Health Care9.3%
  • Industrials7.8%
  • Consumer Staples4.5%
  • Energy3.5%
  • Utilities2.0%
  • Real Estate1.8%
  • Materials1.7%

Geography

  • United States100.00%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001VOOVanguard S&P 500 ETF100.00%147,253$105M60

Showing 1–1 of 1 holdings

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$11,153
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$12,044
Oct 10, 2025 to Oct 12, 2026. OVLH $11,153. SPY $12,044. Use the arrow keys to read each point.$9,582$10,912$12,243Oct 2025Apr 2026Oct 2026

Oct 10, 2025 – Oct 12, 2026

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.

Trailing total return for OVLH. Periods over one year show the average yearly return.
PeriodOVLH
Year to date+8.6%
1 month+1.4%
3 months+1.6%
1 year+11.5%
3 yearsper year+16.9%
5 yearsper year+9.5%
10 yearsFund is under 10 years oldper 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+8.6%
2025+15.8%
2024+18.4%
2023+17.0%
2022−16.2%
2021+20.9%

History from Jan 15, 2021

OVLH in the news

Filtered to OVLH · S&P 500 Option Income

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 12, 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.
9.5%
Annualised · 36 months to Sep 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.
1.22
vs 3-month T-bills · to Sep 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.

Other funds in S&P 500 Option Income

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