OVLH Overlay Shares Hedged Large Cap Equity ETF

Providing uncapped passive equity exposure while aiming to mitigate the risks of significant market downturns

★★★★
Morningstar Rating™

Overall rating based on risk-adjusted returns among 138 funds in the Fund Equity Hedged Category as of 3/31/26.

0.29%
Distribution Rate**
0.36%
30-Day SEC Yield

The Distribution Rate represents the annualized most recent monthly distribution divided by the Fund’s NAV as of 3/31/26. 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.

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.

The Overlay Shares Hedged Large Cap Equity ETF seeks to provide uncapped equity exposure, limit significant market drawdowns and actively adjust to changing market levels.

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Uncapped Upside While Hedging Equity Exposure
Apr 03, 2025

Uncapped Upside While Hedging Equity Exposure

 QUARTERLY FUND REVIEW | As of March 31, 2026
Apr 23, 2026

QUARTERLY FUND REVIEW | As of March 31, 2026

Fund Information

Ticker SymbolOVLH
CUSIP53656F581
Stock ExchangeCBOE
Inception Date01/14/2021
Expense Ratio0.80%

Fund Details

Data as of May 8, 2026

NAV Price$41.60
Market Price$41.60
NAV Price Change0.69%
Market Price Change0.71%
Premium/Discount-0.01%
30 Day Median Bid-Ask Spread*0.19%
Fund Net Assets$ 109,420,686.56
30-Day SEC Yield0.36%
Distribution Rate**0.29%
Distribution FrequencyQuarterly

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.

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

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 — OVLH

Data as of April 30, 2026

1MO 3MO 6MO YTD 1YR 3YR 5YR Since Inception
OVLH NAV Returns 7.45% 2.38% 2.62% 3.46% 19.45% 16.19% 9.13% 10.19%
OVLH Market Price Returns 7.61% 2.41% 2.70% 3.45% 19.09% 16.21% 9.11% 10.22%
S&P 500 TR 10.49% 4.19% 6.03% 5.70% 31.05% 21.69% 13.14% 14.54%

Data as of March 31, 2026

1MO 3MO 6MO YTD 1YR 3YR 5YR Since Inception
OVLH NAV Returns -3.86% -3.71% -2.56% -3.71% 14.29% 13.95% 8.55% 8.84%
OVLH Market Price Returns -3.80% -3.86% -2.62% -3.86% 14.39% 14.08% 8.55% 8.85%
S&P 500 TR -4.98% -4.33% -1.79% -4.33% 17.80% 18.32% 12.06% 12.61%

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.

Fund Holdings

Data as of May 11, 2026

Security Name CUSIP Ticker Shares Weight
First American Government Obligations Fund 12/01/2031 31846V336 FGXXX 1,049,212 0.96%
SPX US 05/15/26 P6500 SPX 260515P06500000 SPX 260515P06500000 17 0.00%
SPX US 08/21/26 P6800 SPX 260821P06800000 SPX 260821P06800000 25 0.21%
SPX US 09/18/26 P6800 SPX 260918P06800000 SPX 260918P06800000 25 0.27%
SPX US 10/16/26 P6800 SPX 261016P06800000 SPX 261016P06800000 25 0.32%
SPX US 01/15/27 P6800 SPX 270115P06800000 SPX 270115P06800000 25 0.48%
SPX US 03/19/27 P6800 SPX 270319P06800000 SPX 270319P06800000 25 0.57%
CBOE S&P PUT OPT 06/27 6800 SPX 270617P06800000 SPX 270617P06800000 25 0.68%
Vanguard S&P 500 ETF 922908363 VOO 158,130 97.99%
Cash & Other Cash&Other Cash&Other -1,628,489 -1.49%

*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

Notification of Source of Distributions

Notification of Source of Distributions

Ex-Date Record Date Payable Date Amount
12/29/2026 12/29/2026 12/30/2026 —
12/23/2025 12/23/2025 12/24/2025 $0.1186
12/24/2024 12/24/2024 12/26/2024 $0.1098
12/27/2023 12/28/2023 12/29/2023 $0.2404
12/28/2022 12/29/2022 12/30/2022 $0.1472
12/28/2022 12/29/2022 12/30/2022 $0.0499
12/29/2021 12/30/2021 12/31/2021 $0.1186

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.

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.

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 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: ★★★★ (138 funds) | Morningstar 5-Year Rating: ★★★★ (116 funds) 

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.