Overlay Shares Municipal Bond ETF
$20.64−0.25 (−1.20%)
- Expense ratio
- 0.81%
- Fund size
- $44M
- 1Y return
- +2.6%
- Yield · Last 12 months
- 6.37%
- Holdings
- 9
- Volume · 30D
- 0M sh
- NAV per share
- $20.89
- 52W range
The ETF.net OVM Grade
Score 49 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.CScore 50Category rankMission
How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.Not scoredRisk
How violently it can move — volatility, drawdown depth, and downside capture versus its category.BScore 60Category rankTradability
How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.FScore 4Category rankHoldings
What it actually owns — the quality, breadth, and concentration of the underlying portfolio.AScore 100Category rankDurability
Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.CScore 53Category rank
Our read on OVM
CMunis with an options engine bolted on. OVM holds investment-grade and high-yield municipal exposure, then sells S&P 500 put spreads for premium income: a rare bond-plus-equity-premium pairing.
The Fund seeks total return. It is actively managed and invests through other ETFs or directly in their holdings to obtain exposure to investment-grade and below-investment-grade municipal bonds, while using listed short-term put options to generate income.
Why people hold it
- The income leg is a defined-risk put spread: short puts paired with lower-strike long puts, so the loss on the options is bounded by the gap between the strikes.lsfunds.com
- Unusual build for its cohort. Most option-income bond funds write calls on their own holdings; here the premium comes from equity index puts sitting on a muni sleeve.lsfunds.comlsfunds.com
- Actively managed rather than rules-on-autopilot, and running since 2019, so the overlay has worked through the 2022 bond rout and several volatility spikes.
Worth knowing
- The 0.83% expense ratio runs above the typical fee in its options-income peer group, the cost of an active overlay layered on bond exposure.
- A small fund that trades lightly, so bid-ask spreads can be wider and bigger orders can nudge the price.
- Selling S&P 500 put spreads ties a muni portfolio to the stock market: a sharp index drop can hit the options leg even when the bonds behave.lsfunds.comlsfunds.com
OVM Holdings
- Bonds
- 9
- 100%
- MUB
Sectors
- Technology37.4%
- Financials12.2%
- Communication9.9%
- Consumer Discr.9.6%
- Health Care9.1%
- Industrials8.2%
- Cons. Staples4.6%
- Energy3.4%
- Utilities2.1%
- Real Estate1.9%
- Materials1.6%
Geography
- United States100.00%
OVM 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 | OVM |
|---|---|
| Year to date | +0.8% |
| 1 month | −1.8% |
| 3 months | −2.9% |
| 1 year | +2.6% |
| 3 years | +4.9% |
| 5 years | +0.7% |
| 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 | OVM |
|---|---|---|
| 2026 YTD | +0.8% | |
| 2025 | +4.1% | |
| 2024 | +3.4% | |
| 2023 | +7.3% | |
| 2022 | −11.2% | |
| 2021 | +4.2% | |
| 2020 | +6.2% |
OVM in the news
ETF.net Research hasn’t filed on OVM yet — coverage lands here as it’s written.
OVM Dividends
- 6.37%
- $1.33
- $0.09 per share
- Monthly
Distribution history
| Ex-date | Pay date | Amount per share |
|---|---|---|
| Aug 27, 2026 | Aug 28, 2026 | $0.09 |
| Jul 29, 2026 | Jul 30, 2026 | $0.09 |
| Jun 26, 2026 | Jun 29, 2026 | $0.09 |
| May 27, 2026 | May 28, 2026 | $0.09 |
| Apr 28, 2026 | Apr 29, 2026 | $0.09 |
| Mar 27, 2026 | Mar 30, 2026 | $0.09 |
| Feb 25, 2026 | Feb 26, 2026 | $0.09 |
| Jan 28, 2026 | Jan 29, 2026 | $0.09 |
| Dec 23, 2025 | Dec 24, 2025 | $0.28 |
| Oct 3, 2025 | Oct 6, 2025 | $0.31 |
| Jul 3, 2025 | Jul 7, 2025 | $0.28 |
| Apr 3, 2025 | Apr 4, 2025 | $0.30 |
OVM Risk
- 7.3%
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.
- 0.04
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.
- −15.6%
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.
- 1.24
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
OVM Cost
- The middle half of Index Option Income funds
- Median 0.81%
12 of the 25 Index Option Income funds charge less.