ETFs

Overlay Shares Small Cap Equity ETF

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

OVS

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.
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Fund Information

Ticker SymbolOVS
CUSIP53656F888
Stock ExchangeCBOE
Inception Date09/30/2019
Expense Ratio0.83%

Fund Details

Data as of April 20, 2026

NAV Price$39.98
Market Price$39.96
NAV Price Change0.56%
Market Price Change0.48%
Premium/Discount-0.06%
30 Day Median Bid-Ask Spread*0.27%
Fund Net Assets$ 20,391,151.51
30-Day SEC Yield0.05%
Distribution Rate**10.56%
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.

Small-Capitalization Investing Risk. The securities of small-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large- or mid-capitalization companies. The securities of small-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than large- or mid-capitalization stocks or the stock market as a whole.

**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 — OVS

Data as of March 31, 2026

1MO 3MO 6MO YTD 1YR 3YR 5YR Since Inception
OVS NAV Returns -3.82% 4.86% 7.04% 4.86% 24.30% 12.08% 4.80% 9.96%
OVS Market Price Returns -3.84% 4.71% 6.98% 4.71% 24.07% 12.06% 4.77% 9.96%
S&P SmallCap 600 TR -4.07% 3.51% 5.27% 3.51% 20.50% 10.51% 4.49% 9.22%

Data as of March 31, 2026

1MO 3MO 6MO YTD 1YR 3YR 5YR Since Inception
OVS NAV Returns -3.82% 4.86% 7.04% 4.86% 24.30% 12.08% 4.80% 9.96%
OVS Market Price Returns -3.84% 4.71% 6.98% 4.71% 24.07% 12.06% 4.77% 9.96%
S&P SmallCap 600 TR -4.07% 3.51% 5.27% 3.51% 20.50% 10.51% 4.49% 9.22%

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 21, 2026

Security Name CUSIP Ticker Shares Weight
First American Government Obligations Fund 12/01/2031 31846V336 FGXXX 8,885 0.04%
iShares Core S&P Small-Cap ETF 464287804 IJR 149,750 99.99%
SPXW US 04/27/26 P6900 SPXW 260427P06900000 SPXW 260427P06900000 7 0.03%
SPXW US 04/27/26 P6950 SPXW 260427P06950000 SPXW 260427P06950000 -7 -0.05%
CBOE S&P PUT OPT 04/26 6900 SPXW 260429P06900000 SPXW 260429P06900000 7 0.05%
CBOE S&P PUT OPT 04/26 7000 SPXW 260429P07000000 SPXW 260429P07000000 -7 -0.10%
CBOE S&P PUT OPT 04/26 6900 SPXW 260430P06900000 SPXW 260430P06900000 7 0.07%
CBOE S&P PUT OPT 04/26 7000 SPXW 260430P07000000 SPXW 260430P07000000 -7 -0.12%
Cash & Other Cash&Other Cash&Other 20,384 0.10%

*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 $0.3200
02/25/2026 02/25/2026 02/26/2026 $0.3277
01/28/2026 01/28/2026 01/29/2026 $0.3339
12/23/2025 12/23/2025 12/24/2025 $0.3557
12/23/2025 12/23/2025 12/24/2025 $0.1215
10/03/2025 10/03/2025 10/06/2025 $0.3112
07/03/2025 07/03/2025 07/07/2025 $0.2757
04/03/2025 04/03/2025 04/04/2025 $0.2530
12/24/2024 12/24/2024 12/26/2024 $0.5350
10/03/2024 10/03/2024 10/04/2024 $0.3390
07/03/2024 07/03/2024 07/05/2024 $0.2834
04/03/2024 04/04/2024 04/05/2024 $0.2656
12/27/2023 12/28/2023 12/29/2023 $0.2505
10/03/2023 10/04/2023 10/05/2023 $0.2825
07/05/2023 07/06/2023 07/07/2023 $0.2624
04/04/2023 04/05/2023 04/06/2023 $0.2496
12/28/2022 12/29/2022 12/30/2022 $0.2729
10/04/2022 10/05/2022 10/06/2022 $0.2734
07/05/2022 07/06/2022 07/07/2022 $0.2405
04/04/2022 04/05/2022 04/06/2022 $0.2062
12/29/2021 12/30/2021 12/31/2021 $0.3446
12/29/2021 12/30/2021 12/31/2021 $0.2877
10/04/2021 10/05/2021 10/06/2021 $0.3454
07/02/2021 07/06/2021 07/07/2021 $0.2706
04/05/2021 04/06/2021 04/07/2021 $0.2659
12/28/2020 12/29/2020 12/30/2020 $0.0875
12/28/2020 12/29/2020 12/30/2020 $0.1442
10/02/2020 10/05/2020 10/06/2020 $0.2094
06/26/2020 06/25/2020 06/26/2020 $0.0500
03/27/2020 03/30/2020 03/31/2020 $0.0400
12/27/2019 12/30/2019 12/31/2019 $0.0907
12/27/2019 12/30/2019 12/31/2019 $0.0342
12/27/2019 12/30/2019 12/31/2019 $0.0228

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.