Overlay Shares Large Cap Equity ETF
Large cap passive equity exposure with active risk-managed put selling option overlay
★★★★
Morningstar Rating™
Morningstar rankings are based on a fund's average annual total return relative to all funds in the same Morningstar category. Fund performance used within the rankings, reflects certain fee waivers, without which, returns and Morningstar rankings would have been lower. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. Morningstar Large Blend Category.
Overlay Shares Large Cap Equity ETF
Large cap passive equity exposure with active risk-managed put selling option overlay
Invest in OVL
- Individual Investor
- Financial Professional
Investing on your own?
Search for the OVL ticker on your trading platform, or click one of these links for quick access:
Working with a professional?
Email your financial professional to discuss how Overlay Shares OVL can help power your portfolio.
Email your advisor
Questions about ETFs?
If you have general questions about Overlay Shares ETFs, we are here to help.
770.350.8700
The Overlay Shares ETFs are distributed by Foreside Fund Services, LLC. The distributor is not affiliated with the Adviser.
Liquid Strategies LLC serves as Investment Adviser to the Funds and manages the Overlay Strategies.
Liquid Strategies LLC (“Liquid”) is an independent investment adviser registered under the Investment Advisers Act of 1940, as amended. Registration does not imply a certain level of skill or training. More information about Liquid, including our investment strategies, fees and objectives, can be found in our Form ADV Part 2A and our Form CRS.
Overlay Shares are traded on all major stock exchanges. Contact us to discuss.
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.
Overlay Shares ETFs
Overlay Shares eliminate past inhibitors of overlay adoption to make this strategy available to a broader investment community.
As of 06/24/2025
Liquid Strategies Assets Under Management
$451,565,120
Overview
As of 06/24/2025
| Ticker | Title | Category | Net Assets | Inception Date |
|
OVL
|
Overlay Shares Large Cap Equity ETF | US Large Blend | $220,438,472.25 | 09/30/2019 |
|
OVS
|
Overlay Shares Small Cap Equity ETF | US Small Blend | $12,969,301.26 | 09/30/2019 |
|
OVF
|
Overlay Shares Foreign Equity ETF | Foreign Large Blend | $20,708,315.62 | 09/30/2019 |
|
OVLH
|
Overlay Shares Hedged Large Cap Equity ETF | US Large Blend | $73,608,233.39 | 01/14/2021 |
|
OVB
|
Overlay Shares Core Bond ETF | US Intermediate Core Bond | $47,958,161.32 | 09/30/2019 |
|
OVT
|
Overlay Shares Short Term Bond ETF | US Short Term Bond | $49,295,416.88 | 01/14/2021 |
|
OVM
|
Overlay Shares Municipal Bond ETF | Muni National Long | $26,587,197.64 | 09/30/2019 |
Distribution & Fees
As of 06/24/2025
| Ticker | Title | Distribution Rate | 30-Day SEC Yield | Expense Ratio | NAV |
|
OVL
|
Overlay Shares Large Cap Equity ETF | 3.44% | 0.57% | 0.79% | $47.41 |
|
OVS
|
Overlay Shares Small Cap Equity ETF | 3.42% | 1.51% | 0.83% | $32.42 |
|
OVF
|
Overlay Shares Foreign Equity ETF | 1.95% | 2.24% | 0.83% | $27.25 |
|
OVLH
|
Overlay Shares Hedged Large Cap Equity ETF | 0.32% | 0.61% | 0.85% | $36.26 |
|
OVB
|
Overlay Shares Core Bond ETF | 5.84% | 3.07% | 0.79% | $20.45 |
|
OVT
|
Overlay Shares Short Term Bond ETF | 6.76% | 3.36% | 0.80% | $22.11 |
|
OVM
|
Overlay Shares Municipal Bond ETF | 5.81% | 2.41% | 0.83% | $21.02 |
Documents
As of 06/24/2025
| Ticker | Title | Fact Sheet | Prospectus | Featured Research |
|
OVL
|
Overlay Shares Large Cap Equity ETF | |||
|
OVS
|
Overlay Shares Small Cap Equity ETF | |||
|
OVF
|
Overlay Shares Foreign Equity ETF | |||
|
OVLH
|
Overlay Shares Hedged Large Cap Equity ETF | |||
|
OVB
|
Overlay Shares Core Bond ETF | |||
|
OVT
|
Overlay Shares Short Term Bond ETF | |||
|
OVM
|
Overlay Shares Municipal Bond ETF |
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.
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.Dive Deeper
Put Spread Selling Overlays in Large-Cap Equity Portfolios
Fund Information
Fund Details
Data as of
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.
Fund Performance
Data as of May 31, 2025
| 1MO | 3MO | 6MO | YTD | 1YR | 3YR | 5YR | Since Inception | |
|---|---|---|---|---|---|---|---|---|
| OVL NAV Returns | 6.55% | -2.34% | -4.07% | -0.86% | 11.70% | 14.08% | 16.30% | 14.90% |
| OVL Market Price Returns | 6.64% | -2.22% | -3.91% | -0.81% | 12.16% | 14.18% | 16.13% | 14.95% |
| S&P 500 TR | 6.29% | -0.37% | -1.35% | 1.06% | 13.52% | 14.41% | 15.94% | 14.66% |
Data as of March 31, 2025
| 1MO | 3MO | 6MO | YTD | 1YR | 3YR | 5YR | Since Inception | |
|---|---|---|---|---|---|---|---|---|
| OVL NAV Returns | -7.34% | -5.94% | -4.22% | -5.94% | 6.39% | 8.23% | 19.20% | 14.29% |
| OVL Market Price Returns | -7.44% | -6.11% | -4.25% | -6.11% | 6.09% | 8.20% | 19.22% | 14.29% |
| S&P 500 TR | -5.63% | -4.27% | -1.97% | -4.27% | 8.25% | 9.06% | 18.59% | 14.01% |
Performance of less than one year is cumulative. 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
Fund Holdings
Data as of 03/27/2025
Data as of June 25, 2025
*Holdings are subject to change.
Fund Premium/Discount
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 Documents
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Notification of Source of Distributions
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.
Invest in OVL
- Individual Investor
- Financial Professional
Investing on your own?
Search for the OVL ticker on your trading platform, or click one of these links for quick access:
Working with a professional?
Email your financial professional to discuss how Overlay Shares OVL can help power your portfolio.
Email your advisor
Questions about ETFs?
If you have general questions about Overlay Shares ETFs, we are here to help.
770.350.8700
The Overlay Shares ETFs are distributed by Foreside Fund Services, LLC. The distributor is not affiliated with the Adviser.
Liquid Strategies LLC serves as Investment Adviser to the Funds and manages the Overlay Strategies.
Liquid Strategies LLC (“Liquid”) is an independent investment adviser registered under the Investment Advisers Act of 1940, as amended. Registration does not imply a certain level of skill or training. More information about Liquid, including our investment strategies, fees and objectives, can be found in our Form ADV Part 2A and our Form CRS.
Overlay Shares are traded on all major stock exchanges. Contact us to discuss.
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 MorningstarTM Ratings for Funds
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.