Overlay Shares Municipal Bond ETF
$20.62+0.11 (+0.52%)
- 0.81%
- $43M
- +1.3%
- 5.45%
- 0M sh
- $20.52
- low $20.15high $22.19
The ETF.net OVM Grade
B
Score 57 out of 100
- 12 of 25
Score 57 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.C50 out of 100Rank 13 of 25Mission
Whether the fund did what it promised, tested against its stated mandate.Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.B60 out of 100Rank 9 of 25Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.C43 out of 100Rank 16 of 25Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.A100 out of 100Rank 1 of 19Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.C52 out of 100Rank 15 of 25
Our read on OVM
BMunis 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
- 1
- 100%
- MUB
Sectors
- Technology37.4%
- Financials12.2%
- Communication9.9%
- Consumer Discretionary9.6%
- Health Care9.1%
- Industrials8.2%
- Consumer Staples4.6%
- Energy3.4%
- Utilities2.2%
- 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.
Not enough history yet.
OVM$10,130
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 | OVM |
|---|---|
| Year to date | −0.6% |
| 1 month | −1.3% |
| 3 months | −4.5% |
| 1 year | +1.3% |
| 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 | −0.6% | |
| 2025 | +4.1% | |
| 2024 | +3.4% | |
| 2023 | +7.3% | |
| 2022 | −11.2% | |
| 2021 | +4.2% | |
| 2020 | +6.2% |
OVM in the news
Category Review
Index option income was not one bet this year
OVM Dividends
- 5.45%
- $1.12
- $0.09 per share
- Monthly
Distribution history
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.
- 0.06
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
0.81%
OVM0.81%
- The middle half of Index Option Income funds
- Median 0.81%
12 of the 25 Index Option Income funds charge less.
Other funds in Index Option Income
- BVAIEVegashares US Equity Autocallable Income ETFExpense ratio 0.74%1 year return —
- BNIHINEOS MSCI EAFE High Income ETFExpense ratio 0.75%1 year return +14.0%
- COVFOverlay Shares Foreign Equity ETFExpense ratio 0.83%1 year return +21.4%
- CCHPYYieldMax Semiconductor Portfolio Option Income ETFExpense ratio 1.03%1 year return +86.2%
- COVSOverlay Shares Small Cap Equity ETFExpense ratio 0.83%1 year return +25.5%