ETFs

Overlay Shares Large Cap Equity ETF

Large cap passive equity exposure with active risk-managed put selling option overlay that seeks to generate additional income

★★★★★
Morningstar Rating™

Overall rating based on risk-adjusted returns among 82 funds in the Derivative Income category as of 3/31/26.

OVL

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.
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Fund Information

Ticker SymbolOVL
CUSIP53656F805
Stock ExchangeCBOE
Inception Date09/30/2019
Expense Ratio0.79%

Fund Details

Data as of April 22, 2026

NAV Price$55.09
Market Price$55.13
NAV Price Change1.08%
Market Price Change1.10%
Premium/Discount0.07%
30 Day Median Bid-Ask Spread*0.14%
Fund Net Assets$ 207,146,303.09
30-Day SEC Yield0.37%
Distribution Rate**10.52%
Distribution FrequencyMonthly

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.

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.

Equity Market Risk. The trading prices of equity securities and other instruments fluctuate in response to a variety of factors.

**100% is attributable to return of capital as of 3/30/2026.

The Distribution Rate is the annual return an investor would receive if the most recently declared distribution remained the same going forward, that may include option income, dividend and return of capital. The Distribution Rate is calculated by multiplying an ETF’s Distribution per Share by twelve (12), and dividing the resulting amount by the ETF’s most recent NAV. The Distribution Rate represents a single distribution from the ETF and does not represent its total return.

Fund Performance

Fund Performance Chart — OVL

Data as of March 31, 2026

1MO 3MO 6MO YTD 1YR 3YR 5YR Since Inception
OVL NAV Returns -4.73% -3.15% 0.00% -3.15% 21.56% 19.99% 12.40% 15.38%
OVL Market Price Returns -4.68% -2.94% 0.25% -2.94% 21.90% 20.13% 12.44% 15.43%
S&P 500 TR -4.98% -4.33% -1.79% -4.33% 17.80% 18.32% 12.06% 14.58%

Data as of March 31, 2026

1MO 3MO 6MO YTD 1YR 3YR 5YR Since Inception
OVL NAV Returns -4.73% -3.15% 0.00% -3.15% 21.56% 19.99% 12.40% 15.38%
OVL Market Price Returns -4.68% -2.94% 0.25% -2.94% 21.90% 20.13% 12.44% 15.43%
S&P 500 TR -4.98% -4.33% -1.79% -4.33% 17.80% 18.32% 12.06% 14.58%

Performance of less than one year is cumulative. Performance greater than one year, including since inception, is annualized. You cannot invest directly in an index.

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. 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.

Fund Holdings

Data as of April 23, 2026

Security Name CUSIP Ticker Shares Weight
SPXW US 04/27/26 P6900 SPXW 260427P06900000 SPXW 260427P06900000 71 0.01%
SPXW US 04/27/26 P6950 SPXW 260427P06950000 SPXW 260427P06950000 -71 -0.02%
SPXW US 04/29/26 P6900 SPXW 260429P06900000 SPXW 260429P06900000 71 0.03%
SPXW US 04/29/26 P7000 SPXW 260429P07000000 SPXW 260429P07000000 -71 -0.07%
SPXW US 04/30/26 P6900 SPXW 260430P06900000 SPXW 260430P06900000 71 0.05%
SPXW US 04/30/26 P7000 SPXW 260430P07000000 SPXW 260430P07000000 -71 -0.09%
Vanguard S&P 500 ETF 922908363 VOO 324,059 99.90%
Cash & Other Cash&Other Cash&Other 386,477 0.18%

*Holdings are subject to change.

Fund Premium/Discount

View Premium/Discount History →

For additional resources, please see Fund Prospectus.

Shares of the Fund trade based on market prices rather than the Fund's net asset value per share ("NAV"). Consequently, shares of the Fund may trade at a price greater than (premium) or less than (discount) the Fund's NAV. The above chart presents information for the period indicated about how often the most recent market closing price for shares of the Fund reflected a premium or discount to the Fund's NAV for each trading day and the amount of each such premium or discount, expressed as a percentage of that day's NAV.

Shareholders may pay more than NAV when they buy Fund shares and receive less than NAV when they sell those shares, because shares are bought and sold at current market prices. The data presented represents past performance and cannot be used to predict future results.

Fund Distributions

Ex-Date Record Date Payable Date Amount
04/28/2026 04/28/2026 04/29/2026 —
03/27/2026 03/27/2026 03/30/2026 $0.4411
02/25/2026 02/25/2026 02/26/2026 $0.4655
01/28/2026 01/28/2026 01/29/2026 $0.4706
12/23/2025 12/23/2025 12/24/2025 $0.4199
10/03/2025 10/03/2025 10/06/2025 $0.4099
07/03/2025 07/03/2025 07/07/2025 $0.3896
04/03/2025 04/03/2025 04/04/2025 $0.3735
12/24/2024 12/24/2024 12/26/2024 $0.3893
10/03/2024 10/03/2024 10/04/2024 $0.3758
07/03/2024 07/03/2024 07/05/2024 $0.3768
04/03/2024 04/04/2024 04/05/2024 $0.3030
12/27/2023 12/28/2023 12/29/2023 $0.3435
10/03/2023 10/04/2023 10/05/2023 $0.2987
07/11/2023 07/10/2023 07/11/2023 $0.0000
07/05/2023 07/06/2023 07/07/2023 $0.3184
04/10/2023 04/09/2023 04/10/2023 $0.0000
04/04/2023 04/05/2023 04/06/2023 $0.2945
12/29/2022 12/28/2022 12/30/2022 $0.0000
12/28/2022 12/29/2022 12/30/2022 $0.3007
10/04/2022 10/05/2022 10/06/2022 $0.2722
07/05/2022 07/06/2022 07/07/2022 $0.2849
04/04/2022 04/05/2022 04/06/2022 $0.3170
12/29/2021 12/30/2021 12/31/2021 $0.5653
10/04/2021 10/05/2021 10/06/2021 $0.3075
07/02/2021 07/06/2021 07/07/2021 $0.3117
04/05/2021 04/06/2021 04/07/2021 $0.2896
12/28/2020 12/29/2020 12/30/2020 $0.2346
12/28/2020 12/29/2020 12/30/2020 $0.1440
10/02/2020 10/02/2020 10/06/2020 $0.0000
10/02/2020 10/05/2020 10/06/2020 $0.2659
10/02/2020 10/02/2020 10/06/2020 $0.0000
10/02/2020 10/02/2020 10/07/2020 $0.0000
10/02/2020 10/02/2020 10/07/2020 $0.0000
06/26/2020 06/29/2020 06/30/2020 $0.0670
03/27/2020 03/30/2020 03/31/2020 $0.0650
12/27/2019 12/30/2019 12/31/2019 $0.0163
12/27/2019 12/30/2019 12/31/2019 $0.0245
12/27/2019 12/30/2019 12/31/2019 $0.0963

Distributions may include return of capital, which represents a return of a portion of an investor’s original investment and does not represent earnings or investment income. Return of capital may reduce an investor’s tax basis and result in higher capital gains when shares are sold. The amounts and sources of distributions are estimates and are not provided for tax reporting purposes. Final tax characterization is determined after the end of the Fund’s fiscal year and may differ from amounts shown. Investors should refer to the Fund’s distribution notices for information regarding the estimated sources of distributions and should not draw conclusions about the Fund’s investment performance from distribution amounts. There is no guarantee that the Funds will pay distributions in the future, and any distributions made may vary from the current distribution.

How to Invest

Overlay Shares are traded on major stock exchanges, much like shares of common stock.

ETFs 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.

The Morningstar RatingTM is a quantitative assessment of a fund’s past performance—both return and risk—as measured from one to five stars. It uses focused comparison groups to better measure fund manager skill. As always, the Morningstar RatingTM is intended for use as the first step in the fund evaluation process. A high rating alone is not a sufficient basis for investment decisions. The Morningstar RatingTM is based on a fund’s Morningstar Risk-Adjusted Return (‘MRAR’) measure. MRAR is motivated by ‘expected utility’ theory, whereby an investor ranks alternative portfolios using the mathematical expectation of a function (called the ‘utility’ function) of the end value of each portfolio. With this basis in expected utility theory, investors are firstly, more concerned about a possible poor outcome than an unexpectedly good outcome; and secondly, willing to give up some portion of their expected return in exchange for greater certainty of return. The rating accounts for all variations in a fund’s monthly performance, with more emphasis on downward variations. It rewards consistent performance and reduces the possibility of strong short-term performance masking the inherent risk of a fund. The Morningstar Overall Rating for the fund is based on the weighted average of its 3-year and 5-year Morningstar Ratings. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star.

Morningstar 3-Year Rating: ★★★★★ (82 funds) | Morningstar 5-Year Rating: ★★★★★ (66) | Morningstar Overall Rating: ★★★★★

Exchange traded funds and open-ended mutual funds are considered a single population for comparative purposes.

Past performance is no guarantee of future results and provide.

Investors should consider the investment objectives, risks, charges and expenses carefully before investing. 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.