Innovative options strategies.
Built for what’s next.

Decades of options expertise, engineered into ETFs, interval funds, and SMAs that seek income, growth, and risk-managed outcomes.

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2013
Founded
Atlanta, Georgia
$1.91B
Assets Under Management
As of 7/24/2026
Equity ETF

OVL

Overlay Shares Large Cap Equity ETF

Monthly income-focused equity exposure

Distribution Rate1
10.46%
30‑Day SEC Yield2
0.97%
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Foreign Equity ETF

OVF

Overlay Shares Foreign Equity ETF

Monthly income-focused non-US equity exposure

Distribution Rate1
10.38%
30‑Day SEC Yield2
3.06%
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Hedged Equity ETF

OVLH

Overlay Shares Hedged Large Cap Equity ETF

Equity exposure with laddered put hedge overlay

Active downside hedging
Equity market participation
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Interval Fund

DNLIX

Denali Structured Return Strategy Fund

Seeks private credit exposure with equity-linked upside participation

Alternative investment approach
Portfolio diversification
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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. Standardized performance for OVL and OVF can be found by clicking on the LEARN MORE buttons above.

1 Distribution Rate as of 07/31/2026 — The Distribution Rate represents the annualized most recent monthly distribution divided by the Fund’s NAV as of 07/31/26. It is not a measure of total return. Distributions may include return of capital and are not guaranteed. The Fund’s distribution rate may vary. The Distribution Rate is the annual return an investor would receive if the most recently declared distribution remained the same going forward, and 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. For information regarding the sources of Fund distributions, please refer to the Fund's Section 19(a) notices.

2 30-Day SEC Yield as of 07/31/2026 — 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.

100% is attributable to return of capital as of 7/30/2026.

Investing involves risk and the possible loss of principal.

Our approach

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Industry Expertise

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Options-Based ETFs

Explore ETFs designed to seek income, growth, and diversification.

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Alternative Access

Access differentiated investment opportunities beyond traditional fund structures.

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From our desk

Insights & Education

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Insights

OVERLAY SHARES QUARTERLY REVIEW | As of June 30, 2026

Download as PDF FUND OVERVIEWS The Overlay Shares suite of ETFs seeks to provide incremental yield on top of low-cost market beta ETFs by utilizing a highly risk-controlled put spread writing strategy ("the Overlay Strategy") on the S&P 500 Index. If successful, the ETFs seek to provide incremental yield and the potential for higher total return relative to each Fund’s applicable reference index. The Overlay Strategy is applied and managed the same way in six of the seven Overlay Shares funds, with the exception of OVLH: FUND NAME BETA EXPOSURE INCEPTION DATE GROSS EXPENSE RATIO Overlay Shares Large Cap Equity ETF (OVL) U.S. Large Cap Equity 09/30/2019 0.79% Overlay Shares Small Cap Equity ETF (OVS) U.S. Small Cap Equity 09/30/2019 0.83% Overlay Shares Foreign Equity ETF (OVF) International Equity 09/30/2019 0.83% Overlay Shares Core Bond ETF (OVB) Broad Investment Grade Bond 09/30/2019 0.79% Overlay Shares Municipal Bond ETF (OVM) Municipal Bond 09/30/2019 0.81% Overlay Shares Short Term Bond ETF (OVT) Short Term Corporate Bond 01/14/2021 0.79% Overlay Shares Hedged Large Cap Equity ETF (OVLH) Hedged U.S. Large Cap Equity 01/14/2021 0.80% The Overlay Shares Hedged Large Cap ETF (OVLH) maintains laddered downside hedges to protect the portfolio against significant market drawdowns.

July 10, 2026

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