Overlay Shares Small Cap Equity ETF
$39.32−0.41 (−1.03%)
- Expense ratio
- 0.83%
- Fund size
- $40M
- 1Y return
- +21.0%
- Yield · Last 12 months
- 8.91%
- Holdings
- 9
- Volume · 30D
- 0M sh
- NAV per share
- $39.55
- 52W range
The ETF.net OVS Grade
Score 37 of 100 sits in the D 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 44Category 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.CScore 41Category rankTradability
How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.FScore 17Category rankHoldings
What it actually owns — the quality, breadth, and concentration of the underlying portfolio.DScore 39Category rankDurability
Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.CScore 53Category rank
Our read on OVS
DSmall caps with an options overlay, and the overlay sells puts instead of calls. OVS pairs an actively picked US small-cap portfolio with short-term listed put writing for income, measured against the S&P SmallCap 600.
The Fund seeks total return through active U.S. small-cap equity exposure and a listed short-term put-option overlay intended to generate income.
Why people hold it
- The overlay writes short-term listed puts rather than covered calls, so income comes from a separate options sleeve instead of capping gains on the small-cap holdings.
- Stock selection is active, with the S&P SmallCap 600 total return index as the yardstick rather than a mandate to copy it holding for holding.
- Exchange-listed options, not over-the-counter contracts, inside a plain 1940 Act ETF wrapper (1099 tax reporting, no K-1).
- Live since 2019, so the strategy has run through real small-cap booms and drawdowns, not just a backtest.
Worth knowing
- At 0.83% a year it sits above the middle of the option-income overlay group on cost, and that hurdle applies whatever the put sleeve collects.
- A small fund that trades thinly. Spreads can widen and sizeable orders can push the price, which makes limit orders the practical default.
- Distributions come on an irregular schedule, not a fixed monthly rhythm. And short puts lose in the same selloffs that hit small caps, so the two exposures stack.
OVS Holdings
- Stocks
- 9
- 100%
- IJR
Sectors
- Financials17.8%
- Industrials15.3%
- Technology14.8%
- Consumer Discr.13.4%
- Health Care11.0%
- Real Estate7.6%
- Energy6.0%
- Materials4.6%
- Cons. Staples4.5%
- Communication3.4%
- Utilities1.8%
Geography
- United States100.00%
OVS 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 | OVS |
|---|---|
| Year to date | +19.4% |
| 1 month | −4.4% |
| 3 months | −1.6% |
| 1 year | +21.0% |
| 3 years | +17.9% |
| 5 years | +7.1% |
| 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 | OVS |
|---|---|---|
| 2026 YTD | +19.4% | |
| 2025 | +6.2% | |
| 2024 | +11.1% | |
| 2023 | +17.3% | |
| 2022 | −20.0% | |
| 2021 | +30.1% | |
| 2020 | +12.2% |
OVS in the news
ETF.net Research hasn’t filed on OVS yet — coverage lands here as it’s written.
OVS Dividends
- 8.91%
- $3.54
- $0.36 per share
- Monthly
Distribution history
| Ex-date | Pay date | Amount per share |
|---|---|---|
| Aug 27, 2026 | Aug 28, 2026 | $0.36 |
| Jul 29, 2026 | Jul 30, 2026 | $0.36 |
| Jun 26, 2026 | Jun 29, 2026 | $0.35 |
| May 27, 2026 | May 28, 2026 | $0.35 |
| Apr 28, 2026 | Apr 29, 2026 | $0.35 |
| Mar 27, 2026 | Mar 30, 2026 | $0.32 |
| Feb 25, 2026 | Feb 26, 2026 | $0.33 |
| Jan 28, 2026 | Jan 29, 2026 | $0.33 |
| Dec 23, 2025 | Dec 24, 2025 | $0.48 |
| Oct 3, 2025 | Oct 6, 2025 | $0.31 |
| Jul 3, 2025 | Jul 7, 2025 | $0.28 |
| Apr 3, 2025 | Apr 4, 2025 | $0.25 |
OVS Risk
- 20.8%
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.
- 0.60
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.
- −30.5%
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.
- 1.14
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
OVS Cost
- The middle half of Index Option Income funds
- Median 0.81%
13 of the 25 Index Option Income funds charge less.