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Launched · SEC filings

Overlay Shares Municipal Bond ETF

OVMCboeOverlay SharesB

$20.85−0.03 (−0.14%)

As of Nov 2, 2026, 3:43 PM ET

B57/ 100

Rank 12 of 25 in Index Option Income

B57/100Rank 12 of 25inIndex Option Income
Intraday session: down, 73 prints from 20.88 to 20.85. Range 20.85 to 20.98. Use the arrow keys to read each point.20.9020.9320.9520.9810 AM12 PM2 PM4 PM
Expense ratio
0.81%
Fund size
$45M
1Y total return
+2.2%
Yield · Last 12 months
5.79%
Holdings
1
Avg volume · 30D
11.9K sh
52W range
low $20.15high $22.19
Launched
Filings
SEC EDGAR

The ETF.net OVM Grade

Based on 5 of 6 pillars

B

Score 57 out of 100

Category
Index Option Income⁠
Rank
12 of 25
Six-pillar profile for OVM. Scores out of 100: Cost 50, Risk 61, Mission not scored, Tradability 43, Holdings 100, Durability 53. Strongest: Holdings (100). Weakest: Tradability (43). Based on 5 of 6 pillars.

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 100
    Rank 13 of 25

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    B61 out of 100
    Rank 8 of 25

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    C43 out of 100
    Rank 16 of 25

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    A100 out of 100
    Rank 1 of 19

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    C53 out of 100
    Rank 15 of 25

Our read on OVM

ETF.net Research

In short

BA muni bond core with an unusual income kicker: OVM writes short-dated S&P 500 put spreads on top of its bonds, so part of the payout comes from equity volatility rather than more duration or credit. Fee: 0.81%, no waiver.

Stated mandate

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 engine is equity volatility, not extra duration: municipal bond holdings at the core, short-dated S&P 500 put spreads written on top.sec.gov
  • Defined-risk plumbing: each short put is paired with an equal number of lower-strike long puts, notional capped at net assets, contracts usually expiring in one to two weeks.sec.gov
  • Core stays muni: at least 80% of net assets in municipal bonds, investment grade and below. Trading since 2019, so the overlay has seen real bond-market stress.sec.gov
  • Among index-overlay income funds, it lands in the upper half of its peer group.

Worth knowing

  • 0.81% sits near the category median, and the fund stays small and lightly traded; cheaper overlay peers include LQDW at 0.34% and IDUB at 0.44%.
  • The long put strikes below the short put, so the prospectus says it is not expected to completely offset a sharp index decline. Equity air pockets can reach this muni fund.sec.gov
  • The options are index options, treated as Section 1256 contracts, so that slice of return does not carry the federal tax exemption muni coupon income does.lsfunds.comsec.gov

OVM Performance

Launched Sep 30, 2019

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$10,222
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. OVM $10,222. 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 OVM. Periods over one year show the average yearly return.
PeriodOVM
Year to date+1.6%
1 month+2.9%
3 months−0.7%
1 year+2.2%
3 yearsper year+6.8%
5 yearsper year+1.0%
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 OVM
YearReturn barOVM
2026 YTD+1.6%
2025+4.1%
2024+3.4%
2023+7.3%
2022−11.2%
2021+4.2%
2020+6.2%

OVM in the news

OVM 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.
5.79%Last 12 months
Payout per share
$1.21Last 12 months
Last payment
$0.09 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Monthly

Distribution history

2023–2026

One bar per payment. 22 payments from 2023 to 2026 YTD. Apr 4, 2023 $0.26; Jul 5, 2023 $0.25; Oct 3, 2023 $0.25; Dec 27, 2023 $0.27; Apr 3, 2024 $0.25; Jul 3, 2024 $0.27; Oct 3, 2024 $0.27; Dec 24, 2024 $0.27; Apr 3, 2025 $0.30; Jul 3, 2025 $0.28; Oct 3, 2025 $0.31; Dec 23, 2025 $0.28; Jan 28, 2026 $0.09; Feb 25, 2026 $0.09; Mar 27, 2026 $0.09; Apr 28, 2026 $0.09; May 27, 2026 $0.09; Jun 26, 2026 $0.09; Jul 29, 2026 $0.09; Aug 27, 2026 $0.09; Sep 29, 2026 $0.09; Oct 28, 2026 $0.09. Use the arrow keys to read each point.2023202420252026YTD
Ex-datePay dateAmount per share
Oct 28, 2026Oct 29, 2026$0.09
Sep 29, 2026Sep 30, 2026$0.09
Aug 27, 2026Aug 28, 2026$0.09
Jul 29, 2026Jul 30, 2026$0.09
Jun 26, 2026Jun 29, 2026$0.09
May 27, 2026May 28, 2026$0.09
Apr 28, 2026Apr 29, 2026$0.09
Mar 27, 2026Mar 30, 2026$0.09
Feb 25, 2026Feb 26, 2026$0.09
Jan 28, 2026Jan 29, 2026$0.09
Dec 23, 2025Dec 24, 2025$0.28
Oct 3, 2025Oct 6, 2025$0.31

See all 35 payments⁠

$10,000 in OVM 5 years ago paid $2,270 in dividends.⁠

OVM Risk

Risk pillarB61 out of 100Rank 8 of 25 in Index Option Income
How much the fund’s monthly returns vary, scaled to a year.
7.2%
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.
0.33
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.
−15.6%
Trough Sep 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.
1.24
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.

OVM Cost

Compare OVM and LQDW

Overpaying vs LQDW, cheapest in Index Option Income

$8,586

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

  • OVM 0.81%

    $15,518

  • LQDW 0.34% Cheapest

    $6,932

$10,000
30 years

Cost over time

  • OVM 0.81%
  • LQDW 0.34%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530OVM $15,518LQDW $6,932

Year by year

YearOVMLQDWOverpaying
10$1,439$616$823
20$5,456$2,386$3,070
30$15,518$6,932$8,586

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