BATS · Active · options-income

Overlay Shares Foreign Equity ETF

Liquid Strategies, LLC

Weighted score · 3.50 / 5

AUM

assets under mgmt

Avg Volume

shares · daily

Distribution

Quarterly · 66% ROC

Expense Ratio

0.83% gross

1Y Return

vs underlying

Sharpe

Max DD -30.1%

The Overlay Shares Foreign Equity ETF seeks total return..

The Fund is an actively-managed ETF that invests in one or more other ETFs seeking exposure to non-U.S. equity securities (from both developed and emerging markets), or directly in the securities held by such ETFs. At least 80% of net assets are invested, directly or indirectly, in equity securities of non-U.S. companies. The Fund also employs an Overlay Strategy consisting of selling short-term put options (Short Puts) with notional value up to 100% of net assets and purchasing an equal number of short-term put options (Long Puts) at a lower strike price to form a put spread designed to generate income. The Overlay Strategy seeks positive returns in rising, flat, or modestly declining equity markets, with the Adviser using a quantitative risk methodology to govern capital allocations and option sizing.

The Fund sells exchange-listed short-term put options (expiring within one to two weeks) with notional value up to 100% of net assets, and simultaneously buys an equal number of put options at a lower strike price to partially hedge downside. The net premium received is the primary source of options-generated income. Because the Long Puts have a lower strike than the Short Puts, they do not fully protect the Fund against declines in the reference index.

NAV HISTORY · JUN '25 – JUN '26

Max DD

Volatility

Sharpe

Sortino

Calmar

Beta

Share of each distribution you’d need to reinvest just to hold NAV flat. 0% — the fund is covering its payout without eroding NAV.

Composition · Recent Distribution

Tax Treatment — Ordinary Income

ORDINARY INCOME

Distribution Composition (Recent)

ROC is not free money — it lowers your cost basis. When shares are sold, capital gains are computed against the lower basis.

Composition · Narrative

The Overlay Shares Foreign Equity ETF distribution of $1.03272 per share payable December 24, 2025 is composed of 34% estimated net investment income ($0.35410) and 66% estimated return of capital ($0.67862). No capital gains are included. Final tax character will be reported on Form 1099-DIV in January 2026.

Return of capital ($/sh)

Net investment income ($/sh)

Monthly ROC %

Calendar-year ROC (YTD est.)

Distribution Growth by Lookback Period

Sector Mix · Tilt vs S&P 500

Price vs. Moving Averages

Bullish — 50-DMA above 200-DMA

Price $32.45 is above the 200-day SMA ($28.94); 50-day SMA $31.36. The 50-day SMA sits above the 200-day — an established uptrend, no recent crossover. Moving-average signals are a timing aid, not a recommendation — weigh them against the distribution profile and framework score.

Liquidity

Estimated bid/ask spread ~0.11% (tight). Average daily dollar volume ~$0.4M (thin). This spread is a high-low estimate, not a live quote; the issuer's reported median spread and premium/discount to NAV are shown above when available.

AUM ($)