Overlay Shares Short Term Bond ETF
$21.39−0.16 (−0.73%)
- Expense ratio
- 0.79%
- Fund size
- $61M
- 1Y return
- +4.1%
- Yield · Last 12 months
- 8.25%
- Holdings
- 9
- Volume · 30D
- 0M sh
- NAV per share
- $21.55
- 52W range
The ETF.net OVT Grade
Score 44 of 100 sits in the C 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.DScore 35Category rankMission
How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.AScore 100Category rankRisk
How violently it can move — volatility, drawdown depth, and downside capture versus its category.BScore 65Category rankTradability
How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.CScore 42Category rankHoldings
What it actually owns — the quality, breadth, and concentration of the underlying portfolio.DScore 37Category rankDurability
Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.BScore 62Category rank
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
- 9
- 100%
- VCSH
Sectors
- Technology38.7%
- Financials12.1%
- Communication9.5%
- Consumer Discr.9.3%
- Health Care9.3%
- Industrials7.7%
- Cons. 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.
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 | OVT |
|---|---|
| Year to date | +2.3% |
| 1 month | −0.3% |
| 3 months | +0.1% |
| 1 year | +4.1% |
| 3 years | +7.4% |
| 5 years | +2.7% |
| 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 | +2.3% | |
| 2025 | +7.6% | |
| 2024 | +7.4% | |
| 2023 | +7.7% | |
| 2022 | −9.7% | |
| 2021 | +2.1% |
OVT in the news
ETF.net Research hasn’t filed on OVT yet — coverage lands here as it’s written.
OVT Dividends
- 8.25%
- $1.78
- $0.12 per share
- Monthly
Distribution history
| Ex-date | Pay date | Amount per share |
|---|---|---|
| Aug 27, 2026 | Aug 28, 2026 | $0.12 |
| Jul 29, 2026 | Jul 30, 2026 | $0.11 |
| Jun 26, 2026 | Jun 29, 2026 | $0.12 |
| May 27, 2026 | May 28, 2026 | $0.12 |
| Apr 28, 2026 | Apr 29, 2026 | $0.12 |
| Mar 27, 2026 | Mar 30, 2026 | $0.11 |
| Feb 25, 2026 | Feb 26, 2026 | $0.11 |
| Jan 28, 2026 | Jan 29, 2026 | $0.12 |
| Dec 23, 2025 | Dec 24, 2025 | $0.49 |
| Oct 3, 2025 | Oct 6, 2025 | $0.36 |
| Jul 3, 2025 | Jul 7, 2025 | $0.37 |
| Apr 3, 2025 | Apr 4, 2025 | $0.37 |
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.
- 0.55
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.
- −13.4%
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
- The middle half of Treasury Option Income funds
- Median 0.65%
7 of the 13 Treasury Option Income funds charge less.