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Overlays strive to improve performance without material change in risk.



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News and media highlighting our investment team

Core ingredients for a diversified portfolio.

 The Overlay Shares suite combines passive indexing with our proven overlay strategy to deliver superior client solutions. Packaged as easy to implement ETFs, Overlay Shares gives investors better funds to build better portfolios.

Separate Accounts

Mutual Fund

A Dynamic Approach to Income Investing

The Theta Income Strategy disrupts traditional fixed income thinking by combining a high quality bond portfolio with a premium writing overlay, targeting both improved performance and superior capital efficiency for investors.

Investors can choose to keep their existing fixed income strategy by adding Theta Income as an overlay or alternatively, as a full replacement to their current approach. For taxable investors, a meaningful portion of the strategy's annual returns are expected to receive long-term capital gains tax treatment.

How to Invest

The Theta Income Strategy is available for investment as a mutual fund or an institutional separate account.

Fund Info

Theta Income

Watch a brief video to learn more about our strategy.

Video

About Us

What we do

Institutions and individual investors are tired of portfolios that fully exposed them to the market's constant gyrations. Increasingly, investors are looking for solutions that deliver a differentiated return experience from that of stocks and bonds without sacrificing liquidity.

Whether focused on income generation or diversification from traditional asset classes, Liquid Strategies offers dynamic solutions to help investors achieve their investment goals.

Who we are

Founded in 2013 by industry veterans, Liquid Strategies, LLC is an independent advisory firm focused on managing liquid, absolute return portfolios with reduced volatility and low correlations to traditional assets. Our firm delivers these solutions to a wide variety of institutional and individual investors.

Executive Team ›

An experienced team focused on delivering timely, liquid and innovative solutions.

Brad Ball

Brad has more than 33 years of investment industry experience. Brad co-founded Liquid Strategies in 2013 and serves as Chief Executive Officer,[...]

Read Full Bio
  
Shawn Gibson

Shawn Gibson co-Founded Liquid Strategies in 2013 and serves as the Chief Investment Officer and Portfolio Manager and is a member of the[...]

Read Full Bio
  
Adam Stewart, CFA

Adam has more than 20 years of investment industry experience and co-founded Liquid Strategies in 2013. Adam is co-portfolio manager of the Theta[...]

Read Full Bio
  
Justin Boller, CFA
Justin Boller, CFA has been in the investment management industry for over 18 years. Justin serves as a Portfolio Manager on the LS Theta Investment[...]
Read Full Bio
Peter F. Welch, CPA

Peter has over 30 years of extensive experience in financial services, utilities and consumer finance. Peter joined the Liquid Strategies team in[...]

Read Full Bio
  
Megan Delaney
Megan has over 9 years of marketing experience across the entertainment, healthcare and investment industries. Megan joined Liquid Strategies in[...]
Read Full Bio
  
Tom Contrucci
Tom joined Liquid Strategies in 2019 as a Partner and has over 23 years of investment industry experience. Tom is focused on development, growth, and[...]
Read Full Bio
  
Chad Bucur
Chad joined Liquid Strategies in 2019 as a Partner and member of the distribution team, covering Financial Advisors in the Southeast.
Read Full Bio
Mary Barnes, CIMA®
Mary joined Liquid Strategies as a Partner in August 2019 with nearly two decades of financial services industry experience. Based out of Chicago,[...]
Read Full Bio
  
Andrew Lill, CIMA®
Andrew joined Liquid Strategies in 2019 as a Partner and has over 25 years of investment industry experience with nearly 20 years focused on serving[...]
Read Full Bio
  
John D'Agostino, CIMA®
John joined Liquid Strategies in 2019 as a Partner, and has over 20 years of investment industry experience. He is a member of the distribution team[...]
Read Full Bio


‹ Firm Overview

Contact

We are committed to providing our valued clients with compelling investment performance and outstanding client service. For additional information, please Contact Us.

Liquid Strategies, LLC

3550 Lenox Rd NE
Suite 2550
Atlanta, Georgia 30326
google maps

770-350-8700

info@overlayshares.com
© 2020 Liquid Strategies. All rights Reserved.
Disclaimer  |  Terms & Conditions

OVB

Overlay Shares Core Bond ETF

Features:

Diversified, broad market core bond exposure



Seeks excess return generated through option premium collection




Complements traditional factors such as value and growth
OverviewPerformance & FeesPortfolioDocumentsTeamHow to Invest

Overview

The Overlay Shares Core Bond ETF seeks to outperform
the Bloomberg Barclays US Aggregate Bond Index through a
combination of capital appreciation and income generation.
Ticker SymbolOVB
CUSIP53656F862
NAV as of 10/26/2020$ 26.23
Net Assets ($mm) as of 10/26/2020$ 118.04
Inception Date09/30/2019
Expense Ratio.75%
Stock ExchangeNYSE


Risk Factors

The Fund invests in options that derive their performance from the performance of the S&P 500 Index. Selling (writing) and buying options are speculative activities and entail greater than ordinary investment risks. The Fund’s use of put options can lead to losses because of adverse movements in the price or value of the underlying asset, which may be magnified by certain features of the options. When selling a put option, the Fund will receive a premium; however, this premium may not be enough to offset a loss incurred by the Fund if the price of the underlying asset is below the strike price by an amount equal to or greater than the premium. Purchased put options may expire worthless and the Fund would lose the premium it paid for the option. The Fund may lose significantly more than the premiums it receives in highly volatile market conditions. The Fund is subject to the same risks as the underlying bonds in the portfolio such as credit, prepayment, call and interest rate risk. As interest rates rise the value of bond prices will decline.

The Fund will invest in short term put options which are financial derivatives that give buyers the right, but not the obligation, to sell (put) an underlying asset at an agreed-upon price and date. The Fund’s use of options may reduce the Fund’s ability to profit from increases in the value of the underlying asset. The Fund could experience a loss or increased volatility if its derivatives do not perform as anticipated or are not correlated with the performance of their underlying asset or if the Fund is unable to purchase or liquidate a position.

The Fund was recently organized and has no operating history. As a result, investors have a limited track record on which to base their investment decision. Investments involve risk including the possible loss of principal.

Performance & Fees

Performance as of 09/30/2020

NAME3 monthsytd1 yearsince inception
(9/30/19)
OVB NAV Returns1.637.358.698.69
OVB Market Price Returns0.917.168.708.70
Bloomberg Barclays US Aggregate Bond Index0.626.796.986.98

30 Day SEC Yield

as Of 9/30/2020

1.58%




Current Fees

Total Expense Ratio0.75%


If you are a financial professional and would like further information on our strategy please click here to have a sales representative contact you.

Performance of less than one year is cumulative. You cannot invest directly in an index. The fund recently experienced significant negative short-term performance due to market volatility associated with the COVID-19 pandemic.

Performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance would have been lower without fee waivers in effect. Current performance may be lower or higher than the performance data quoted. For the most recent month-end performance, please call 1-866-704-OVLS.

Overlay Shares are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Total Returns are calculated using the daily 4:00pm EST net asset value (NAV). Market price returns reflect the midpoint of the bid/ask spread as of the close of trading on the exchange where Fund shares are listed. Market price returns do not represent the returns you would receive if you traded shares at other times.

For a prospectus or summary prospectus with this and other important information about the Fund, please visit the Documents section of this website or call (866) 704-OVLS. Read the prospectus carefully before investing.

Shareholder Services: 1-866-704-OVLS
Investment Professionals: 770-350-8700 or info@overlayshares.com
Distributed by Foreside Fund Services, LLC, which is not affiliated with the Adviser.

The SEC Yield represents net investment income earned by the Fund over the 30-Day period expressed as an annual percentage rate based on the Fund's share price at the end of the 30-Day period. The 30-Day unsubsidized SEC Yield does not reflect any fee waivers/reimbursements/limits in effect.

Portfolio

Prior Day's NAV$ 26.23
Closing Price$ 26.26
Premium/Discount0.13%
Premium/Discount Information



Holdings as of 10/27/2020

NameTickerSharesWeighting
ISHARES TR CORE US AGGBD ETAGG100201299.86
Cash & OtherCash&Other2592170.22
CBOE S&P PUT OPT 10/20 3260SPXW 201028P03260000850.01
CBOE S&P PUT OPT 10/20 3365SPXW 201028P03365000-85-0.09

Holdings are subject to change.

Documents

Notification of Source of Distributions 19a-1 Notice - June 2020
Fund Semi-Annual Report
Notification of Source of Distributions 19a-1 Notice
Prospectus
Summary Prospectuses
Statement of Additional Information
Fact Sheet

Team

An experienced team focused on delivering timely, liquid and innovative solutions.

Brad Ball

Brad has more than 33 years of investment industry experience. Brad co-founded Liquid Strategies in 2013 and serves as Chief Executive Officer,[...]

Read Full Bio
  
Shawn Gibson

Shawn Gibson co-Founded Liquid Strategies in 2013 and serves as the Chief Investment Officer and Portfolio Manager and is a member of the[...]

Read Full Bio
  
Adam Stewart, CFA

Adam has more than 20 years of investment industry experience and co-founded Liquid Strategies in 2013. Adam is co-portfolio manager of the Theta[...]

Read Full Bio
  
Justin Boller, CFA
Justin Boller, CFA has been in the investment management industry for over 18 years. Justin serves as a Portfolio Manager on the LS Theta Investment[...]
Read Full Bio

How to Invest

ETFs are traded on major stock exchanges, much like shares of common stock. They can be bought and sold throughout the trading day offering liquidity and ongoing valuations of the fund's holdings for investors. ETFs are typically tax-efficient and generally have lower cost than other investment alternatives, making them a great investment tool for investors.

Trading can be executed through your financial advisor or an account with most brokerage firms. Commissions and transaction costs may vary so be sure to check on these costs.

OVL

Overlay Shares Large Cap Equity ETF

Features:

Diversified, broad market US large cap equity exposure



Seeks excess return generated through option premium collection




Complements traditional factors such as value and growth
OverviewPerformance & FeesPortfolioDocumentsTeamHow to Invest

Overview

The Overlay Shares Large Cap Equity ETF seeks to
outperform the S&P 500 TR Index through a combination
of capital appreciation and income generation.
Ticker SymbolOVL
CUSIP53656F805
NAV as of 10/26/2020$ 29.02
Net Assets ($mm) as of 10/26/2020$ 113.92
Inception Date09/30/2019
Expense Ratio.75%
Stock ExchangeNYSE


Risk Factors

The Fund invests in options that derive their performance from the performance of the S&P 500 Index. Selling (writing) and buying options are speculative activities and entail greater than ordinary investment risks. The Fund’s use of put options can lead to losses because of adverse movements in the price or value of the underlying asset, which may be magnified by certain features of the options. When selling a put option, the Fund will receive a premium; however, this premium may not be enough to offset a loss incurred by the Fund if the price of the underlying asset is below the strike price by an amount equal to or greater than the premium. Purchased put options may expire worthless and the Fund would lose the premium it paid for the option. The Fund may lose significantly more than the premiums it receives in highly volatile market conditions.

The Fund will invest in short term put options which are financial derivatives that give buyers the right, but not the obligation, to sell (put) an underlying asset at an agreed-upon price and date. The Fund’s use of options may reduce the Fund’s ability to profit from increases in the value of the underlying asset. The Fund could experience a loss or increased volatility if its derivatives do not perform as anticipated or are not correlated with the performance of their underlying asset or if the Fund is unable to purchase or liquidate a position.

The Fund was recently organized and has no operating history. As a result, investors have a limited track record on which to base their investment decision. Investments involve risk including the possible loss of principal.

Performance & Fees

Performance as of 09/30/2020

NAME3 monthsytd1 yearsince inception
(9/30/19)
OVL NAV Returns10.265.8416.5816.58
OVL Market Price Returns9.866.7116.9616.96
S&P 500 TR8.935.5715.1515.15

30 Day SEC Yield

as Of 9/30/2020

0.99




Current Fees

Total Expense Ratio0.75%


If you are a financial professional and would like further information on our strategy please click here to have a sales representative contact you.

Performance of less than one year is cumulative. You cannot invest directly in an index. The fund recently experienced significant negative short-term performance due to market volatility associated with the COVID-19 pandemic.

Performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance would have been lower without fee waivers in effect. Current performance may be lower or higher than the performance data quoted. For the most recent month-end performance, please call 1-866-704-OVLS.

Overlay Shares are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Total Returns are calculated using the daily 4:00pm EST net asset value (NAV). Market price returns reflect the midpoint of the bid/ask spread as of the close of trading on the exchange where Fund shares are listed. Market price returns do not represent the returns you would receive if you traded shares at other times.

For a prospectus or summary prospectus with this and other important information about the Fund, please visit the Documents section of this website or call (866) 704-OVLS. Read the prospectus carefully before investing.

Shareholder Services: 1-866-704-OVLS
Investment Professionals: 770-350-8700 or info@overlayshares.com
Distributed by Foreside Fund Services, LLC, which is not affiliated with the Adviser.

The SEC Yield represents net investment income earned by the Fund over the 30-Day period expressed as an annual percentage rate based on the Fund's share price at the end of the 30-Day period. The 30-Day unsubsidized SEC Yield does not reflect any fee waivers/reimbursements/limits in effect.

Portfolio

Prior Day's NAV$ 29.02
Closing Price$ 29.03
Premium/Discount0.02%
Premium/Discount Information



Holdings as of 10/27/2020

NameTickerSharesWeighting
VANGUARD INDEX FDS S&P 500 ETF SHSVOO36721399.87
Cash & OtherCash&Other2353330.21
CBOE S&P PUT OPT 10/20 3260SPXW 201028P03260000830.01
CBOE S&P PUT OPT 10/20 3365SPXW 201028P03365000-83-0.09

Holdings are subject to change.

Documents

Fund Semi-Annual Report
Prospectus
Summary Prospectuses
Statement of Additional Information
Fact Sheet

Team

An experienced team focused on delivering timely, liquid and innovative solutions.

Brad Ball

Brad has more than 33 years of investment industry experience. Brad co-founded Liquid Strategies in 2013 and serves as Chief Executive Officer,[...]

Read Full Bio
  
Shawn Gibson

Shawn Gibson co-Founded Liquid Strategies in 2013 and serves as the Chief Investment Officer and Portfolio Manager and is a member of the[...]

Read Full Bio
  
Adam Stewart, CFA

Adam has more than 20 years of investment industry experience and co-founded Liquid Strategies in 2013. Adam is co-portfolio manager of the Theta[...]

Read Full Bio
  
Justin Boller, CFA
Justin Boller, CFA has been in the investment management industry for over 18 years. Justin serves as a Portfolio Manager on the LS Theta Investment[...]
Read Full Bio

How to Invest

ETFs are traded on major stock exchanges, much like shares of common stock. They can be bought and sold throughout the trading day offering liquidity and ongoing valuations of the fund's holdings for investors. ETFs are typically tax-efficient and generally have lower cost than other investment alternatives, making them a great investment tool for investors.

Trading can be executed through your financial advisor or an account with most brokerage firms. Commissions and transaction costs may vary so be sure to check on these costs.

OVM

Overlay Shares Municipal Bond ETF

Features:

Diversified, broad market municipal bond exposure



Seeks excess return generated through option premium collection




Complements traditional factors such as value and growth
OverviewPerformance & FeesPortfolioDocumentsTeamHow to Invest

Overview

The Overlay Shares Municipal Bond ETF seeks to
outperform the Bloomberg Barclays Municipal Bond Index
through a combination of capital appreciation and
income generation.
Ticker SymbolOVM
CUSIP53656F854
NAV as of 10/26/2020$ 25.43
Net Assets ($mm) as of 10/26/2020$ 29.25
Inception Date09/30/2019
Expense Ratio.75%
Stock ExchangeNYSE


Risk Factors

The Fund invests in options that derive their performance from the performance of the S&P 500 Index. Selling (writing) and buying options are speculative activities and entail greater than ordinary investment risks. The Fund’s use of put options can lead to losses because of adverse movements in the price or value of the underlying asset, which may be magnified by certain features of the options. When selling a put option, the Fund will receive a premium; however, this premium may not be enough to offset a loss incurred by the Fund if the price of the underlying asset is below the strike price by an amount equal to or greater than the premium. Purchased put options may expire worthless and the Fund would lose the premium it paid for the option. The Fund may lose significantly more than the premiums it receives in highly volatile market conditions. The Fund is subject to the same risks as the underlying bonds in the portfolio such as credit, prepayment, call and interest rate risk. As interest rates rise the value of bond prices will decline. The Fund concentrates its investments in municipal obligations of issuers in certain states and may be more adversely affected by economic, political or other events affecting municipal issuers.

The Fund will invest in short term put options which are financial derivatives that give buyers the right, but not the obligation, to sell (put) an underlying asset at an agreed-upon price and date. The Fund’s use of options may reduce the Fund’s ability to profit from increases in the value of the underlying asset. The Fund could experience a loss or increased volatility if its derivatives do not perform as anticipated or are not correlated with the performance of their underlying asset or if the Fund is unable to purchase or liquidate a position.

The Fund was recently organized and has no operating history. As a result, investors have a limited track record on which to base their investment decision. Investments involve risk including the possible loss of principal.

Performance & Fees

Performance as of 09/30/2020

NAME3 monthsytd1 yearsince inception
(9/30/19)
OVM NAV Returns2.213.885.645.64
OVM Market Price Returns1.943.905.735.73
Bloomberg Barclays Municipal Bond Index1.233.334.094.09

30 Day SEC Yield

as Of 9/30/2020

1.68%




Current Fees

Total Expense Ratio0.75%


If you are a financial professional and would like further information on our strategy please click here to have a sales representative contact you.

Performance of less than one year is cumulative. You cannot invest directly in an index. The fund recently experienced significant negative short-term performance due to market volatility associated with the COVID-19 pandemic.

Performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance would have been lower without fee waivers in effect. Current performance may be lower or higher than the performance data quoted. For the most recent month-end performance, please call 1-866-704-OVLS.

Overlay Shares are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Total Returns are calculated using the daily 4:00pm EST net asset value (NAV). Market price returns reflect the midpoint of the bid/ask spread as of the close of trading on the exchange where Fund shares are listed. Market price returns do not represent the returns you would receive if you traded shares at other times.

For a prospectus or summary prospectus with this and other important information about the Fund, please visit the Documents section of this website or call (866) 704-OVLS. Read the prospectus carefully before investing.

Shareholder Services: 1-866-704-OVLS
Investment Professionals: 770-350-8700 or info@overlayshares.com
Distributed by Foreside Fund Services, LLC, which is not affiliated with the Adviser.

The SEC Yield represents net investment income earned by the Fund over the 30-Day period expressed as an annual percentage rate based on the Fund's share price at the end of the 30-Day period. The 30-Day unsubsidized SEC Yield does not reflect any fee waivers/reimbursements/limits in effect.

Portfolio

Prior Day's NAV$ 25.43
Closing Price$ 25.44
Premium/Discount0.02%
Premium/Discount Information



Holdings as of 10/27/2020

NameTickerSharesWeighting
ISHARES TR NATIONAL MUN ETFMUB25348799.89
Cash & OtherCash&Other531500.18
CBOE S&P PUT OPT 10/20 3260SPXW 201028P03260000210.01
CBOE S&P PUT OPT 10/20 3365SPXW 201028P03365000-21-0.09

Holdings are subject to change.

Documents

Notification of Source of Distributions 19a-1 Notice - June 2020
Fund Semi-Annual Report
Notification of Source of Distributions 19a-1 Notice
Prospectus
Summary Prospectuses
Statement of Additional Information
Fact Sheet

Team

An experienced team focused on delivering timely, liquid and innovative solutions.

Brad Ball

Brad has more than 33 years of investment industry experience. Brad co-founded Liquid Strategies in 2013 and serves as Chief Executive Officer,[...]

Read Full Bio
  
Shawn Gibson

Shawn Gibson co-Founded Liquid Strategies in 2013 and serves as the Chief Investment Officer and Portfolio Manager and is a member of the[...]

Read Full Bio
  
Adam Stewart, CFA

Adam has more than 20 years of investment industry experience and co-founded Liquid Strategies in 2013. Adam is co-portfolio manager of the Theta[...]

Read Full Bio
  
Justin Boller, CFA
Justin Boller, CFA has been in the investment management industry for over 18 years. Justin serves as a Portfolio Manager on the LS Theta Investment[...]
Read Full Bio

How to Invest

ETFs are traded on major stock exchanges, much like shares of common stock. They can be bought and sold throughout the trading day offering liquidity and ongoing valuations of the fund's holdings for investors. ETFs are typically tax-efficient and generally have lower cost than other investment alternatives, making them a great investment tool for investors.

Trading can be executed through your financial advisor or an account with most brokerage firms. Commissions and transaction costs may vary so be sure to check on these costs.

OVF

Overlay Shares Foreign Equity ETF

Features:

Diversified, broad market international equity exposure



Seeks excess return generated through option premium collection




Complements traditional factors such as value and growth
OverviewPerformance & FeesPortfolioDocumentsTeamHow to Invest

Overview

The Overlay Shares Foreign Equity ETF seeks to outperform
the MSCI ACWI ex US Index through a combination of
capital appreciation and income generation.
Ticker SymbolOVF
CUSIP53656F870
NAV as of 10/26/2020$ 23.79
Net Assets ($mm) as of 10/26/2020$ 4.16
Inception Date09/30/2019
Expense Ratio.75%
Stock ExchangeNYSE


Risk Factors

The Fund invests in options that derive their performance from the performance of the S&P 500 Index. Selling (writing) and buying options are speculative activities and entail greater than ordinary investment risks. The Fund’s use of put options can lead to losses because of adverse movements in the price or value of the underlying asset, which may be magnified by certain features of the options. When selling a put option, the Fund will receive a premium; however, this premium may not be enough to offset a loss incurred by the Fund if the price of the underlying asset is below the strike price by an amount equal to or greater than the premium. Purchased put options may expire worthless and the Fund would lose the premium it paid for the option. The Fund may lose significantly more than the premiums it receives in highly volatile market conditions. The Fund invests in foreign and emerging market securities which involves certain additional risks such as currency volatility, political and social instability and reduced market liquidity. To the extent the Fund or the underlying ETF invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by negative events.

The Fund will invest in short term put options which are financial derivatives that give buyers the right, but not the obligation, to sell (put) an underlying asset at an agreed-upon price and date. The Fund’s use of options may reduce the Fund’s ability to profit from increases in the value of the underlying asset. The Fund could experience a loss or increased volatility if its derivatives do not perform as anticipated or are not correlated with the performance of their underlying asset or if the Fund is unable to purchase or liquidate a position.

The Fund was recently organized and has no operating history. As a result, investors have a limited track record on which to base their investment decision. Investments involve risk including the possible loss of principal.

Performance & Fees

Performance as of 09/30/2020

NAME3 monthsytd1 yearsince inception
(9/30/19)
OVF NAV Returns4.85-6.33-1.46-1.46
OVF Market Price Returns4.34-6.49-1.62-1.62
MSCI AC WORLD INDEX ex USA Net (USD)6.25-5.443.003.00

30 Day SEC Yield

as Of 9/30/2020

2.98




Current Fees

Total Expense Ratio0.75%


If you are a financial professional and would like further information on our strategy please click here to have a sales representative contact you.

Performance of less than one year is cumulative. You cannot invest directly in an index. The fund recently experienced significant negative short-term performance due to market volatility associated with the COVID-19 pandemic.

Performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance would have been lower without fee waivers in effect. Current performance may be lower or higher than the performance data quoted. For the most recent month-end performance, please call 1-866-704-OVLS.

Overlay Shares are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Total Returns are calculated using the daily 4:00pm EST net asset value (NAV). Market price returns reflect the midpoint of the bid/ask spread as of the close of trading on the exchange where Fund shares are listed. Market price returns do not represent the returns you would receive if you traded shares at other times.

For a prospectus or summary prospectus with this and other important information about the Fund, please visit the Documents section of this website or call (866) 704-OVLS. Read the prospectus carefully before investing.

Shareholder Services: 1-866-704-OVLS
Investment Professionals: 770-350-8700 or info@overlayshares.com
Distributed by Foreside Fund Services, LLC, which is not affiliated with the Adviser.

The SEC Yield represents net investment income earned by the Fund over the 30-Day period expressed as an annual percentage rate based on the Fund's share price at the end of the 30-Day period. The 30-Day unsubsidized SEC Yield does not reflect any fee waivers/reimbursements/limits in effect.

Portfolio

Prior Day's NAV$ 23.79
Closing Price$ 23.78
Premium/Discount-0.05%
Premium/Discount Information



Holdings as of 10/27/2020

NameTickerSharesWeighting
ISHARES TR MSCI EAFE MIN VLEFAV4900479.64
ISHARES INC MSCI EMERG MRKTEEMV1500120.21
Cash & OtherCash&Other95050.23
CBOE S&P PUT OPT 10/20 3260SPXW 201028P0326000030.01
CBOE S&P PUT OPT 10/20 3365SPXW 201028P03365000-3-0.09

Holdings are subject to change.

Documents

Fund Semi-Annual Report
Prospectus
Summary Prospectuses
Statement of Additional Information
Fact Sheet

Team

An experienced team focused on delivering timely, liquid and innovative solutions.

Brad Ball

Brad has more than 33 years of investment industry experience. Brad co-founded Liquid Strategies in 2013 and serves as Chief Executive Officer,[...]

Read Full Bio
  
Shawn Gibson

Shawn Gibson co-Founded Liquid Strategies in 2013 and serves as the Chief Investment Officer and Portfolio Manager and is a member of the[...]

Read Full Bio
  
Adam Stewart, CFA

Adam has more than 20 years of investment industry experience and co-founded Liquid Strategies in 2013. Adam is co-portfolio manager of the Theta[...]

Read Full Bio
  
Justin Boller, CFA
Justin Boller, CFA has been in the investment management industry for over 18 years. Justin serves as a Portfolio Manager on the LS Theta Investment[...]
Read Full Bio

How to Invest

ETFs are traded on major stock exchanges, much like shares of common stock. They can be bought and sold throughout the trading day offering liquidity and ongoing valuations of the fund's holdings for investors. ETFs are typically tax-efficient and generally have lower cost than other investment alternatives, making them a great investment tool for investors.

Trading can be executed through your financial advisor or an account with most brokerage firms. Commissions and transaction costs may vary so be sure to check on these costs.

OVS

Overlay Shares Small Cap Equity ETF

Features:

Diversified, broad market US small cap equity exposure



Seeks excess return generated through option premium collection




Complements traditional factors such as value and growth
OverviewPerformance & FeesPortfolioDocumentsTeamHow to Invest

Overview

The Overlay Shares Small Cap Equity ETF seeks to
outperform the S&P 600 TR Index through a combination
of capital appreciation and income generation.
Ticker SymbolOVS
CUSIP53656F888
NAV as of 10/26/2020$ 24.47
Net Assets ($mm) as of 10/26/2020$ 3.06
Inception Date09/30/2019
Expense Ratio.75%
Stock ExchangeNYSE


Risk Factors

The Fund invests in options that derive their performance from the performance of the S&P 500 Index. Selling (writing) and buying options are speculative activities and entail greater than ordinary investment risks. The Fund’s use of put options can lead to losses because of adverse movements in the price or value of the underlying asset, which may be magnified by certain features of the options. When selling a put option, the Fund will receive a premium; however, this premium may not be enough to offset a loss incurred by the Fund if the price of the underlying asset is below the strike price by an amount equal to or greater than the premium. Purchased put options may expire worthless and the Fund would lose the premium it paid for the option. The Fund may lose significantly more than the premiums it receives in highly volatile market conditions. Investments made in small capitalization companies may be more volatile and less liquid due to limited resources or product lines and more sensitive to economic factors.

The Fund will invest in short term put options which are financial derivatives that give buyers the right, but not the obligation, to sell (put) an underlying asset at an agreed-upon price and date. The Fund’s use of options may reduce the Fund’s ability to profit from increases in the value of the underlying asset. The Fund could experience a loss or increased volatility if its derivatives do not perform as anticipated or are not correlated with the performance of their underlying asset or if the Fund is unable to purchase or liquidate a position.

The Fund was recently organized and has no operating history. As a result, investors have a limited track record on which to base their investment decision. Investments involve risk including the possible loss of principal.

Performance & Fees

Performance as of 09/30/2020

NAME3 monthsytd1 yearsince inception
(9/30/19)
OVS NAV Returns4.36-14.88-6.91-6.91
OVS Market Price Returns4.38-14.90-6.83-6.83
S&P SmallCap 600 TR3.17-15.25-8.29-8.29

30 Day SEC Yield

as Of 9/30/2020

0.92




Current Fees

Total Expense Ratio0.75%


If you are a financial professional and would like further information on our strategy please click here to have a sales representative contact you.

Performance of less than one year is cumulative. You cannot invest directly in an index. The fund recently experienced significant negative short-term performance due to market volatility associated with the COVID-19 pandemic.

Performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance would have been lower without fee waivers in effect. Current performance may be lower or higher than the performance data quoted. For the most recent month-end performance, please call 1-866-704-OVLS.

Overlay Shares are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Total Returns are calculated using the daily 4:00pm EST net asset value (NAV). Market price returns reflect the midpoint of the bid/ask spread as of the close of trading on the exchange where Fund shares are listed. Market price returns do not represent the returns you would receive if you traded shares at other times.

For a prospectus or summary prospectus with this and other important information about the Fund, please visit the Documents section of this website or call (866) 704-OVLS. Read the prospectus carefully before investing.

Shareholder Services: 1-866-704-OVLS
Investment Professionals: 770-350-8700 or info@overlayshares.com
Distributed by Foreside Fund Services, LLC, which is not affiliated with the Adviser.

The SEC Yield represents net investment income earned by the Fund over the 30-Day period expressed as an annual percentage rate based on the Fund's share price at the end of the 30-Day period. The 30-Day unsubsidized SEC Yield does not reflect any fee waivers/reimbursements/limits in effect.

Portfolio

Prior Day's NAV$ 24.47
Closing Price$ 24.41
Premium/Discount-0.25%
Premium/Discount Information



Holdings as of 10/27/2020

NameTickerSharesWeighting
ISHARES TR CORE S&P SCP ETFIJR4069799.9
Cash & OtherCash&Other51840.17
CBOE S&P PUT OPT 10/20 3260SPXW 201028P0326000020.01
CBOE S&P PUT OPT 10/20 3365SPXW 201028P03365000-2-0.08

Holdings are subject to change.

Documents

Fund Semi-Annual Report
Prospectus
Summary Prospectuses
Statement of Additional Information
Fact Sheet

Team

An experienced team focused on delivering timely, liquid and innovative solutions.

Brad Ball

Brad has more than 33 years of investment industry experience. Brad co-founded Liquid Strategies in 2013 and serves as Chief Executive Officer,[...]

Read Full Bio
  
Shawn Gibson

Shawn Gibson co-Founded Liquid Strategies in 2013 and serves as the Chief Investment Officer and Portfolio Manager and is a member of the[...]

Read Full Bio
  
Adam Stewart, CFA

Adam has more than 20 years of investment industry experience and co-founded Liquid Strategies in 2013. Adam is co-portfolio manager of the Theta[...]

Read Full Bio
  
Justin Boller, CFA
Justin Boller, CFA has been in the investment management industry for over 18 years. Justin serves as a Portfolio Manager on the LS Theta Investment[...]
Read Full Bio

How to Invest

ETFs are traded on major stock exchanges, much like shares of common stock. They can be bought and sold throughout the trading day offering liquidity and ongoing valuations of the fund's holdings for investors. ETFs are typically tax-efficient and generally have lower cost than other investment alternatives, making them a great investment tool for investors.

Trading can be executed through your financial advisor or an account with most brokerage firms. Commissions and transaction costs may vary so be sure to check on these costs.




© 2020 Liquid Strategies. All rights Reserved.
Distributed by Foreside Fund Services, LLC.

Designed for investors seeking an alternative to traditional fixed income solutions while delivering daily liquidity, targeting attractive returns, low volatility and low sensitivity to interest rates and equities

  Fund Documents
TickerLQTIX
CUSIP46141P271
Morningstar CategoryOption Writing 
Fund Inception4/01/2014
Total Expense Ratio1.25%
Minimum Investment$1,000**
TickerLQTVX
CUSIP46141P289
Morningstar CategoryOption Writing 
Fund Inception4/01/2014
Total Expense Ratio1.50% (net)
1.75% (gross)
Minimum Investment$1,000

Shareholder Inquiries: 844-8LIQUID
Fund Fact Sheet
2019 Theta Income Fund Tax Form 8937
Traditional IRA Disclosures
Roth IRA Disclosures
2018 Theta Income Fund Tax Form 8937
2018 Theta Income Fund Tax Form 8937 Supplement
Fund Semi-Annual Report
Fund Annual Report
SAI
Prospectus
Summary Prospectus
Investor Brochure
Purchase Fund

*The fund’s adviser has contractually agreed to waive its fees and/or pay for operating expenses of the Fund so as to limit expenses to 1.25% (LQTIX) until April 30, 2021. The Fund’s adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, of fees waived or payments made to the Fund for a period of three years from the date of the waiver or payment.

Risk Considerations - The Fund invests in fixed income securities, options on indices or exchange traded funds (ETFs). Accordingly, it may be subject to equity risk and fixed income risk affected by general market conditions in addition to ETF risk. There can be no guarantee that the strategy of the Fund will be successful.

**Liquid Strategies LLC as Investment Adviser to the Fund may waive these minimums lower for use by institutional investors, such as retirement plans.
The LS Theta Fund is distributed by IMST Distributors, LLC, which is not affiliated with the Adviser.

How to purchase fund

The Theta Income Fund is widely available through leading financial intermediaries (e.g. brokerage, registered investment advisers, etc.).

To purchase the Fund through an existing investment account, please contact your Financial Adviser.
To directly invest in the Theta Income Fund, follow these 3 steps:

Step 1

Download and Print the Fund account form.

IRA Application
IRA Transfer Application
Regular Account Application

   Step 2

Complete Application.

Questions? Please call 844-8LIQUID
(844-854-7843) toll-free

   Step 3

Send Application.

Please send your completed application with check or wire instructions to one of the below addresses:
Overnight Mail Delivery

LS Funds
C/O UMB Fund Services, Inc
235 W. Galena Street
Milwaukee, WI 53212

  Regular Mail Delivery

Theta Income Fund
PO Box 2175
Milwaukee WI 53201-2175

  
© 2020 Liquid Strategies. All rights Reserved.
Distributed by Foreside Fund Services, LLC.

Brad Ball
Chief Executive Officer, Portfolio Manager

Brad has more than 33 years of investment industry experience. Brad co-founded Liquid Strategies in 2013 and serves as Chief Executive Officer, Managing Member and Portfolio Manager on the LS Theta Strategies Investment Team.  Prior to Liquid Strategies, Brad was a founding partner and CEO of Perimeter Capital Management. Concurrently to Perimeter, he was Vice President of Concourse Capital Management, LLC, an affiliated investment adviser to a long/short equity private fund.  Previously he served as Executive Vice President of Trusco Capital Management and served on the firm’s Executive Committee. Brad has been in the investment industry since 1985, has served on numerous industry boards and is a frequent conference speaker. He is a graduate of Oklahoma State University where he received a degree in Finance. Brad has served on numerous non-profit boards and currently serves as a board member of the Sandy Springs Perimeter Chamber of Commerce.

Shawn Gibson
Chief Investment Officer, Portfolio Manager

Shawn Gibson co-Founded Liquid Strategies in 2013 and serves as the Chief Investment Officer and Portfolio Manager and is a member of the firm’s Executive Management Committee. Shawn brings more than 23 years of investment experience primarily in the area of options trading and options portfolio management. Shawn started trading options in 1997 with the Timber Hill Group, one of the world’s largest options market making firms. While at Timber Hill, Shawn was an options market maker on the floor of the Pacific Exchange and was later promoted to join a small team in Greenwich, CT that was responsible for overseeing the firm’s multi-billion dollar options trading portfolio. He subsequently served as Head of Options Strategy and Director of Alternative Investments at BB&T, where he worked with advisors and their clients to develop options-based hedging and yield enhancing strategies. Shawn is an active member of his community and was voted as one of the Top 40 leaders under 40 while living in Richmond after being nominated by his peers due to his professional accomplishments and community involvement. Shawn earned his B.S. in Commerce from the University of Virginia.

Adam Stewart, CFA
Portfolio Manager, Director of Trading

Adam has more than 20 years of investment industry experience and co-founded Liquid Strategies in 2013. Adam is co-portfolio manager of the Theta strategy and serves on the Liquid Strategies investment team, which is responsible for setting portfolio allocations based on the risk profile of the markets. Adam began his career at Franklin Templeton in 1997 and later served as Head of Equity Trading at Trusco Capital Management along with managing equity trading operations. Most recently, Adam was a founding partner and Director of Trading for Perimeter Capital Management. Adam received his Chartered Financial Analyst® (CFA) designation in 2001 and earned his B.A. from Auburn University.

Justin Boller, CFA
Portfolio Manager, Director of Portfolio Strategy

Justin Boller, CFA has been in the investment management industry for over 18 years. Justin serves as a Portfolio Manager on the LS Theta Investment Team. He began his career at Invesco in 1999 where he served as a Client Portfolio Manager, working on the company’s Global Equity investment team. While also at Invesco, Justin also served as Director of Strategic Planning for the global firm. Most recently, Justin has worked as Chief Investment Officer for Advocacy Wealth Management, LLC. He is a graduate of Wake Forest University, where he earned a bachelor's in business with a focus in finance. Justin is a Chartered Financial Analyst® (CFA) charterholder.

Peter F. Welch, CPA
Controller, Chief Compliance Officer

Peter has over 30 years of extensive experience in financial services, utilities and consumer finance. Peter joined the Liquid Strategies team in 2014 as the firm’s Controller. Peter was named Chief Compliance Officer in 2016. He most previously served as Vice President/Corporate Controller for GMT Capital since 2006. At GMT Capital, he managed the accounting and financial operations for the firm and its long/short equity hedge funds, which totaled over $4 billion. Peter played an integral role in building the firm’s operational systems and capabilities to handle the growth in assets under management, which more than doubled during his tenure. At Liquid Strategies, Peter is responsible for the integrity of all reported financial data as well as monitoring the firm’s compliance program and ensuring regulatory requirements are met. Peter is a graduate of Georgia Institute of Technology and is a Certified Public Accountant.

Megan Delaney
Marketing Director

Megan has over 9 years of marketing experience across the entertainment, healthcare and investment industries. Megan joined Liquid Strategies in 2018 and serves as Marketing Director, focusing on the overall marketing and growth of the firm. Megan began her career as a Junior Executive for all moxie, inc, a talent management/production company in New York City. Prior to Liquid Strategies, Megan was an Associate Marketing Manager for a medical device manufacturer in Atlanta, GA. Her responsibilities at Liquid Strategies include evaluating, developing and implementing marketing strategies, building brand awareness and supporting the sales team. Megan is a graduate of Auburn University, where she earned a Bachelor’s of Arts in Radio, Television and Film (Mass Communications). She completed her MBA with a focus in Marketing at Mercer University in 2016.

Tom Contrucci
Partner

Tom joined Liquid Strategies in 2019 as a Partner and has over 23 years of investment industry experience. Tom is focused on development, growth, and communication for the firm’s suite of investment strategies with strategic account relationships. Prior to joining Liquid Strategies, Tom was Managing Director at Crawford Investment Counsel where he led the firm’s institutional relationship and marketing efforts. Previously, he was a Director within the global investment banking division of Barclays PLC, where he served as lead relationship manager for the firm’s Southeast institutional clients. Tom has been in the investment industry since 1995 when he began his career on the trading floor of the Chicago Mercantile Exchange as an options market maker and portfolio manager. He is a graduate of the University of Georgia with a BBA in Finance and an MBA from the Terry College of Business. Outside of work, Tom can be found spending time with his family, playing golf and enjoying the outdoors.

Chad Bucur
Partner

Chad joined Liquid Strategies in 2019 as a Partner and member of the distribution team, covering Financial Advisors in the Southeast.

Formerly, Chad was a Director at WisdomTree ETFs, where he was responsible for generating sales and building relationships with Financial Advisors throughout the Southeast. Prior to WisdomTree, Chad was with Prudential Investments supporting sales effort to Independent Advisors in Southern California. Chad holds his Series 7 and Series 63 FINRA securities licenses.

Chad is a graduate of Gettysburg College, where he received his BA in Political Science and was on the football team. Outside of work, Chad enjoys spending time with family and friends, pick-up basketball, reading and the outdoors.

Mary Barnes, CIMA®
Partner

Mary joined Liquid Strategies as a Partner in August 2019 with nearly two decades of financial services industry experience. Based out of Chicago, Mary will lead the firm’s strategic sales efforts for the western half of the country, focused primarily on product approval and placement at broker-dealers and securing model allocations from emerging-institutional buyers.  

Prior to joining Liquid Strategies, Mary held distribution roles at State Street Global Advisors (SPDRs), The Vanguard Group, and Deutsche Asset Management. Having sold to a variety of intermediary clients across many channels, Mary’s expertise lies in her strategic management of top-down product placement opportunities paired with her unmatched dedication to her clients. Mary earned her B.A. from Knox College in Galesburg, IL. and M.B.A. from DePaul University in Chicago. She also holds the CIMA® designation and is FINRA Series 7 and 63 licensed.

Andrew Lill, CIMA®
Partner

Andrew joined Liquid Strategies in 2019 as a Partner and has over 25 years of investment industry experience with nearly 20 years focused on serving registered investment advisors (RIAs) and family offices. He is a member of the distribution team based in greater Philadelphia. Prior to joining Liquid Strategies, he was a Director at Invesco serving the RIA and family office community. Previously, he was a vice president within the Financial Institutions Group at DWS Investments/Deutsche Asset Management. He has also been a relationship manager for Charles Schwab Institutional providing custodial, practice management and investment solutions to RIAs. Andrew also has extensive experience in investment banking, where he was a fixed income investment banker for John G. Kinnard & Co. in Minneapolis and Commerce Capital Markets in Philadelphia. Andrew holds the Certified Investment Analyst (CIMA®) designation and is a graduate of Syracuse University where he received a Bachelor of Science degree in Finance. Andrew holds the Series 24, 7, 66 and 59 FINRA licenses.

John D'Agostino, CIMA®
Partner

John joined Liquid Strategies in 2019 as a Partner, and has over 20 years of investment industry experience. He is a member of the distribution team based in Chicago, IL. Prior to joining Liquid Strategies, John was an Executive Director at JP Morgan Asset Management servicing the RIA, Consultant and Financial Advisor community. Previously, he was a Director at AllianceBernstein (AB) in a similar role. He has also been an account executive for Diversified Investment Advisors, managing relationships with Institutional Defined Benefit and Contribution clients. John’s extensive knowledge of capital markets, the economy, and investment management make him an invaluable asset to his clients. John has a Bachelor of Arts in Economics from Syracuse University and holds the Series 7 and 63 FINRA Licenses. He also holds the Certified Investment Management Analyst (CIMA®) designation from Cal Berkley.
 

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Disclaimer

Past performance is not indicative of future results. This information should not be evaluated independent of or without reference to the investment advisory agreement that more specifically addresses applicable investment advisory fees. Advisory fees charged by Liquid Strategies are described in Part 2 of Liquid Strategies’ Form ADV. For a free copy of Form ADV, please contact Liquid Strategies at (770) 350-8700.

The opinions expressed represent the personal views of Liquid Strategies’ investment professionals and are based on their broad investment knowledge, experience, research and analysis.

This website is provided for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. The investment strategy discussed here may not be suitable for everyone. It was provided without regard to the specific investment objectives, financial situation or particular needs of any specific recipient. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decision. All expressions of opinion are subject to change without notice in reaction to shifting market conditions. Gains on premium collections (IRS Section 1256 Contacts) may be eligible for advantageous tax treatment. Please see your accountant or tax professional to determine your individual tax treatment.

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