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Launched · SEC filings

Overlay Shares Short Term Bond ETF

OVTCboeOverlay SharesC

$21.15−0.20 (−0.94%)

At close: Nov 5, 2026, 4:00 PM ET

C46/ 100

Rank 7 of 14 in Treasury Option Income

C46/100Rank 7 of 14inTreasury Option Income
Intraday session: down, 79 prints from 21.35 to 21.15. Range 21.15 to 21.31. Use the arrow keys to read each point.21.2021.2521.3010 AM12 PM2 PM4 PM
Expense ratio
0.79%
Fund size
$62M
1Y total return
+3.4%
Yield · Last 12 months
7.84%
Holdings
1
Avg volume · 30D
13K sh
52W range
low $20.71high $22.62
Launched
Filings
SEC EDGAR

The ETF.net OVT Grade

C

Score 46 out of 100

Category
Treasury Option Income⁠
Rank
7 of 14
Six-pillar profile for OVT. Scores out of 100: Cost 31, Risk 68, Mission 100, Tradability 57, Holdings 35, Durability 63. Strongest: Mission (100). Weakest: Cost (31). Leans toward Mission.

Score 46 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.
    D31 out of 100
    Rank 9 of 14

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    A100 out of 100
    Rank 1 of 5

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    B68 out of 100
    Rank 3 of 14

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    B57 out of 100
    Rank 5 of 14

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    D35 out of 100
    Rank 12 of 13

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    B63 out of 100
    Rank 4 of 14

Our read on OVT

ETF.net Research

In short

CWhere its peer group writes calls on Treasuries, OVT flips the trade: a short-maturity investment-grade bond core with S&P 500 put spreads sold on top. The income comes from equity volatility, not from the bonds. 0.79% a year.

Stated mandate

The fund seeks total return through short-term, investment-grade, U.S.-dollar-denominated, fixed-rate taxable bonds with a dollar-weighted average maturity of no more than three years and a maximum maturity of five years. It also sells and buys short-term put options to generate income.

Why people hold it

  • Put spreads, not covered calls. It sells index puts and buys lower-strike puts, so the bond sleeve's own upside stays unsold and the long leg bounds the loss on each spread.lsfunds.com
  • The income engine sits apart from the bonds: collateral is short-term investment-grade corporate debt, average maturity under three years, nothing longer than five.
  • Runs the mandate as written, with bond exposure held through ETFs rather than rebuilt bond by bond. Lands in the upper half of a small peer group.lsfunds.com
  • Live since 2021, so the put-spread approach has run through a full rate cycle inside a real fund, not a backtest.

Worth knowing

  • Costs 0.79% with no waiver, above the category median. Treasury-overlay peers run their option income cheaper: TLTW at 0.35%, TLTX at 0.29%.
  • Equity risk inside a bond wrapper. Short put notional can reach 100% of net assets; a fast S&P 500 drop costs money, and the long puts limit that loss without removing it.lsfunds.comlsfunds.com 2
  • Premium income varies, so payouts are irregular, and it is one of the less-traded funds in its category.

OVT Performance

Launched Jan 14, 2021

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.
OVT$10,336
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$10,934
Nov 5, 2025 to Nov 5, 2026. OVT $10,336. SPY $10,934. Use the arrow keys to read each point.$10,000$11,000Nov 2025May 2026Nov 2026

Nov 5, 2025 – Nov 5, 2026

Returns run to the Nov 5, 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 OVT. Periods over one year show the average yearly return.
PeriodOVT
Year to date+1.5%
1 month−0.2%
3 months−1.3%
1 year+3.4%
3 yearsper year+7.1%
5 yearsper year+2.6%
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 OVT
YearReturn barOVT
2026 YTD+1.5%
2025+7.6%
2024+7.4%
2023+7.7%
2022−9.7%
2021+2.1%

History from Jan 15, 2021

OVT in the news

OVT 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 Nov 5, 2026.
7.84%Last 12 months
Payout per share
$1.66Last 12 months
Last payment
$0.12 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 $0.27; Oct 3, 2023 $0.29; Dec 27, 2023 $0.30; Apr 3, 2024 $0.35; Jul 3, 2024 $0.34; Oct 3, 2024 $0.36; Dec 24, 2024 $0.30; Apr 3, 2025 $0.37; Jul 3, 2025 $0.37; Oct 3, 2025 $0.36; Dec 23, 2025 $0.49; Jan 28, 2026 $0.12; Feb 25, 2026 $0.11; Mar 27, 2026 $0.11; Apr 28, 2026 $0.12; May 27, 2026 $0.12; Jun 26, 2026 $0.12; Jul 29, 2026 $0.11; Aug 27, 2026 $0.12; Sep 29, 2026 $0.12; Oct 28, 2026 $0.12. Use the arrow keys to read each point.2023202420252026YTD
Ex-datePay dateAmount per share
Oct 28, 2026Oct 29, 2026$0.12
Sep 29, 2026Sep 30, 2026$0.12
Aug 27, 2026Aug 28, 2026$0.12
Jul 29, 2026Jul 30, 2026$0.11
Jun 26, 2026Jun 29, 2026$0.12
May 27, 2026May 28, 2026$0.12
Apr 28, 2026Apr 29, 2026$0.12
Mar 27, 2026Mar 30, 2026$0.11
Feb 25, 2026Feb 26, 2026$0.11
Jan 28, 2026Jan 29, 2026$0.12
Dec 23, 2025Dec 24, 2025$0.49
Oct 3, 2025Oct 6, 2025$0.36

See all 30 payments⁠

$10,000 in OVT 5 years ago paid $2,605 in dividends.⁠

OVT Risk

Risk pillarB68 out of 100Rank 3 of 14 in Treasury Option Income
How much the fund’s monthly returns vary, scaled to a year.
4.2%
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.
0.85
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.
−13.2%
Trough Oct 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.
0.70
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.

OVT Cost

Compare OVT and TLTW

Overpaying vs TLTW, cheapest in Treasury Option Income

$8,048

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

  • OVT 0.79%

    $15,174

  • TLTW 0.35% Cheapest

    $7,126

$10,000
30 years

Cost over time

  • OVT 0.79%
  • TLTW 0.35%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530OVT $15,174TLTW $7,126

Year by year

YearOVTTLTWOverpaying
10$1,405$634$771
20$5,331$2,454$2,877
30$15,174$7,126$8,048

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