Overlay Shares Small Cap Equity ETF
$38.79+0.06 (+0.14%)
- 0.83%
- $41M
- +25.5%
- 9.22%
- 0M sh
- $38.71
- low $33.14high $43.03
The ETF.net OVS Grade
C
Score 42 out of 100
- 16 of 25
Score 42 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 100Rank 14 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.C42 out of 100Rank 17 of 25Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.C41 out of 100Rank 17 of 25Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.D39 out of 100Rank 15 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 OVS
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.
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
- 1
- 100%
- IJR
Sectors
- Financials17.2%
- Technology15.7%
- Industrials15.6%
- Consumer Discretionary12.4%
- Health Care11.0%
- Real Estate7.3%
- Energy6.2%
- Materials4.8%
- Consumer Staples4.6%
- Communication3.5%
- Utilities1.7%
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.
Not enough history yet.
OVS$12,551
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 | OVS |
|---|---|
| Year to date | +17.5% |
| 1 month | −2.7% |
| 3 months | −5.1% |
| 1 year | +25.5% |
| 3 years | +17.9% |
| 5 years | +6.3% |
| 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 | +17.5% | |
| 2025 | +6.2% | |
| 2024 | +11.1% | |
| 2023 | +17.3% | |
| 2022 | −20.0% | |
| 2021 | +30.1% | |
| 2020 | +12.2% |
OVS in the news
Category Review
Index option income was not one bet this year
OVS Dividends
- 9.22%
- $3.57
- $0.34 per share
- Monthly
Distribution history
OVS Risk
- 20.6%
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.
- 0.63
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.
- 1.16
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
0.83%
OVS0.83%
- The middle half of Index Option Income funds
- Median 0.81%
13 of the 25 Index Option Income funds charge less.
Other funds in Index Option Income
- 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%
- CTMGNETF Opportunities Trust - Tappalpha Cboe Magnificent 10 Growth & Daily Income ETFExpense ratio 0.88%1 year return —
- DSOXYYieldMax Target 12 Semiconductor Option Income ETFExpense ratio 1.06%1 year return +85.4%
- DGIAXNicholas Global Equity and Income ETFExpense ratio 1.03%1 year return +19.4%