Overlay Shares Short Term Bond ETF
$21.43+0.03 (+0.14%)
- 0.79%
- $61M
- +4.4%
- 7.21%
- 0M sh
- $21.41
- low $20.71high $22.62
The ETF.net OVT Grade
C
Score 48 out of 100
- 6 of 14
Score 48 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.D35 out of 100Rank 9 of 14Mission
Whether the fund did what it promised, tested against its stated mandate.A100 out of 100Rank 1 of 5Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.B68 out of 100Rank 3 of 14Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.B61 out of 100Rank 3 of 14Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.D34 out of 100Rank 11 of 13Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.B62 out of 100Rank 5 of 14
Our read on OVT
CMost options-income bond funds bolt an overlay onto long Treasuries. OVT goes short instead: an investment-grade corporate sleeve capped at a three-year average maturity, with a short-dated put overlay layered on top for income.
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
- Duration is deliberately short. Investment-grade corporates with a dollar-weighted average maturity of no more than three years and a five-year ceiling, versus the 20+ year Treasury books at TLTW and TLTI.
- The overlay both sells and buys short-term puts. That is a defined-risk spread rather than a naked write, so the option sleeve's downside has a floor built into the structure.
- It stays on script. The portfolio matches the short-term, US-dollar, fixed-rate, investment-grade mandate written into its prospectus, with no drift into longer paper or other corners of credit.
- Standard 1940 Act fund structure holding US bonds directly, not a note or a commodity pool wrapper.
Worth knowing
- At 0.80% it sits above the cohort median and more than double TLTW and BUCK at 0.35%. That is the toll for an active overlay riding on top of a bond sleeve.
- Thin trading is the norm. The spread you cross getting in and out can matter as much as the expense ratio, which is why limit orders exist.
- Distributions arrive on an irregular schedule, not a fixed monthly check, because the income leans on what the put overlay collects.
OVT Holdings
- Bonds
- 1
- 100%
- VCSH
Sectors
- Technology38.7%
- Financials12.1%
- Communication9.5%
- Consumer Discretionary9.3%
- Health Care9.3%
- Industrials7.7%
- Consumer Staples4.5%
- Energy3.5%
- Utilities2.0%
- Real Estate1.8%
- Materials1.7%
Geography
- United States100.00%
OVT 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.
OVT$10,435
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 | OVT |
|---|---|
| Year to date | +2.1% |
| 1 month | +0.2% |
| 3 months | −0.4% |
| 1 year | +4.4% |
| 3 years | +7.4% |
| 5 years | +2.9% |
| 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 | OVT |
|---|---|---|
| 2026 YTD | +2.1% | |
| 2025 | +7.6% | |
| 2024 | +7.4% | |
| 2023 | +7.7% | |
| 2022 | −9.7% | |
| 2021 | +2.1% |
OVT in the news
OVT Dividends
- 7.21%
- $1.54
- $0.12 per share
- Monthly
Distribution history
OVT Risk
- 4.4%
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.
- −13.2%
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.
- 0.70
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
OVT Cost
0.79%
OVT0.79%
- The middle half of Treasury Option Income funds
- Median 0.65%
7 of the 13 Treasury Option Income funds charge less.
Other funds in Treasury Option Income
- BBUCKSimplify Treasury Option Income ETFExpense ratio 0.35%1 year return +3.6%
- BJUCYAptus Enhanced Yield ETFExpense ratio 0.60%1 year return +6.3%
- CTLTINEOS Enhanced Income 20+ Year Treasury Bond ETFExpense ratio 0.58%1 year return −7.7%
- CUSDXSGI Enhanced Core ETFExpense ratio 1.05%1 year return +5.2%
- CDEFRETF Series Solutions - Aptus Deferred Income ETFExpense ratio 0.79%1 year return −0.5%