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Launched · SEC filings

Overlay Shares Small Cap Equity ETF

OVSCboeOverlay SharesC

$39.08+0.26 (+0.66%)

As of Nov 2, 2026, 3:59 PM ET

C43/ 100

Rank 16 of 25 in Index Option Income

C43/100Rank 16 of 25inIndex Option Income
Intraday session: up, 78 prints from 38.82 to 39.08. Range 39.08 to 39.73. Use the arrow keys to read each point.39.2039.4039.6010 AM12 PM2 PM4 PM
Expense ratio
0.83%
Fund size
$44M
1Y total return
+21.8%
Yield · Last 12 months
10.11%
Holdings
1
Avg volume · 30D
14.4K sh
52W range
low $33.14high $43.03
Launched
Filings
SEC EDGAR

The ETF.net OVS Grade

Based on 5 of 6 pillars

C

Score 43 out of 100

Category
Index Option Income⁠
Rank
16 of 25
Six-pillar profile for OVS. Scores out of 100: Cost 44, Risk 44, Mission not scored, Tradability 45, Holdings 38, Durability 53. Strongest: Durability (53). Weakest: Holdings (38). Based on 5 of 6 pillars.

Score 43 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.
    C44 out of 100
    Rank 14 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.
    C44 out of 100
    Rank 17 of 25

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    C45 out of 100
    Rank 14 of 25

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    D38 out of 100
    Rank 15 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 OVS

ETF.net Research

In short

CSmall 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.

Stated mandate

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 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.
OVS$12,180
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. OVS $12,180. SPY $11,199. Use the arrow keys to read each point.$10,000$11,000$12,000$13,000Oct 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 OVS. Periods over one year show the average yearly return.
PeriodOVS
Year to date+18.4%
1 month+2.3%
3 months−3.9%
1 year+21.8%
3 yearsper year+20.5%
5 yearsper year+6.0%
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 OVS
YearReturn barOVS
2026 YTD+18.4%
2025+6.2%
2024+11.1%
2023+17.3%
2022−20.0%
2021+30.1%
2020+12.2%

OVS in the news

OVS 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.
10.11%Last 12 months
Payout per share
$3.91Last 12 months
Last payment
$0.34 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 $0.25; Jul 5, 2023 $0.26; Oct 3, 2023 $0.28; Dec 27, 2023 $0.25; Apr 3, 2024 $0.27; Jul 3, 2024 $0.28; Oct 3, 2024 $0.34; Dec 24, 2024 $0.53; Apr 3, 2025 $0.25; Jul 3, 2025 $0.28; Oct 3, 2025 $0.31; Dec 23, 2025 $0.48; Jan 28, 2026 $0.33; Feb 25, 2026 $0.33; Mar 27, 2026 $0.32; Apr 28, 2026 $0.35; May 27, 2026 $0.35; Jun 26, 2026 $0.35; Jul 29, 2026 $0.36; Aug 27, 2026 $0.36; Sep 29, 2026 $0.34; Oct 28, 2026 $0.34. Use the arrow keys to read each point.2023202420252026YTD
Ex-datePay dateAmount per share
Oct 28, 2026Oct 29, 2026$0.34
Sep 29, 2026Sep 30, 2026$0.34
Aug 27, 2026Aug 28, 2026$0.36
Jul 29, 2026Jul 30, 2026$0.36
Jun 26, 2026Jun 29, 2026$0.35
May 27, 2026May 28, 2026$0.35
Apr 28, 2026Apr 29, 2026$0.35
Mar 27, 2026Mar 30, 2026$0.32
Feb 25, 2026Feb 26, 2026$0.33
Jan 28, 2026Jan 29, 2026$0.33
Dec 23, 2025Dec 24, 2025$0.48
Oct 3, 2025Oct 6, 2025$0.31

See all 35 payments⁠

$10,000 in OVS 5 years ago paid $2,232 in dividends.⁠

OVS Risk

Risk pillarC44 out of 100Rank 17 of 25 in Index Option Income
How much the fund’s monthly returns vary, scaled to a year.
19.9%
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.
0.81
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.
−30.5%
Trough Apr 2025
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.
1.16
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.

OVS Cost

Compare OVS and LQDW

Overpaying vs LQDW, cheapest in Index Option Income

$8,927

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

  • OVS 0.83%

    $15,859

  • LQDW 0.34% Cheapest

    $6,932

$10,000
30 years

Cost over time

  • OVS 0.83%
  • 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$20K051015202530OVS $15,859LQDW $6,932

Year by year

YearOVSLQDWOverpaying
10$1,474$616$858
20$5,581$2,386$3,195
30$15,859$6,932$8,927

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