OVL
Overlay Shares Large Cap Equity ETF
2026-07-09
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BATS · Active · options-income
OVL
Overlay Shares Large Cap Equity ETF
Liquid Strategies, LLC
Verdict
WATCH
Weighted score · 3.40 / 5
AUM
$189M
assets under mgmt
Avg Volume
92K
shares · daily
Distribution
6.2%
Quarterly · 100% ROC
Expense Ratio
0.79%
0.79% gross
1Y Return
—
vs underlying
Sharpe
0.57
Max DD -29.2%
Fund Identity
What it is, who runs it, where it lives.
The Overlay Shares Large Cap Equity ETF seeks total return..
The Fund is an actively-managed ETF that invests in one or more ETFs providing exposure to U.S. large cap equity securities (or directly in those securities), while also employing an 'Overlay Strategy' that sells and purchases listed short-term put options to generate income. The Overlay Strategy uses a put spread: selling short-term put options with notional value up to 100% of net assets and buying an equal number of put options at a lower strike price to hedge downside. The options typically expire within one to two weeks and are primarily European-style, cash-settled equity index options.
Ticker
OVL
Issuer
Liquid Strategies, LLC
Exchange
BATS
Inception
2019-10-01 · 6.7 yrs
Mgmt style
Active
Replication
Physical (ETF of ETFs or direct large-cap equity) + Derivatives (short and long put options overlay)
Index-based
— · S&P 500 TR Index
Leverage
None
Strategy & Options Mechanics
How the portfolio is built and where the income comes from.
PORTFOLIO
Hybrid
actively managed
OPTIONS OVERLAY
Strategy
Put spread: sell short-term put options (Short Puts) + buy short-term put options at a lower strike (Long Puts)
generates income
Underlying
Large-cap equity index (reference index, primarily cash-settled equity index options such as SPX-style)
income exposure
QUARTERLY
6.2%
DIST. RATE
100% ROC
Ordinary Income
Underlying
Large-cap equity index (reference index, primarily cash-settled equity index options such as SPX-style)
Strategy
Put spread: sell short-term put options (Short Puts) + buy short-term put options at a lower strike (Long Puts)
Tax
Ordinary Income
The Fund sells short-term put options with notional value up to 100% of net assets and simultaneously buys put options at a lower strike price to partially hedge downside, forming a put spread. Options typically expire within one to two weeks and are European-style, cash-settled. Net premium collected from the spread is the primary income source of the Overlay Strategy.
Performance & NAV
Total return vs. the underlying, with drawdown context.
NAV HISTORY · JUN '25 – JUN '26
max DD -29.2% $57.08
JUN '25JUN '26
Max DD
-29.2%
Volatility
19.8%
Sharpe
0.57
Sortino
0.81
Calmar
0.79
Beta
1.11
Flat-NAV reinvestment hurdle
0.0%
Share of each distribution you’d need to reinvest just to hold NAV flat. 0% — the fund is covering its payout without eroding NAV.
1Y vs Underlying
—
Tracking err.
—
Yield on cost
9.9%
Distribution & Tax
Where the yield comes from — and how it’s taxed.
Composition · Recent Distribution
100%
ROC
Return of Capital — constructive100%
Net Investment Income0%
Frequency
Quarterly
Dist. rate
6.24%
ROC %
100%
30-day SEC
not reported
Consistency
3 w/o cut
YOC · 1yr-ago buyer
7.7%
Tax Treatment — Ordinary Income
ORDINARY INCOME
Distribution Composition (Recent)
100% Return of Capital
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 Large Cap Equity ETF distribution of $0.41987 per share, payable December 24, 2025, is composed entirely of Return of Capital (100%). There is no Net Investment Income component in this distribution. Final tax character will be reported on Form 1099-DIV in January 2026.
Distribution & Return of Capital
Per-month payout split and the running return-of-capital share · last 4 months.
DIST ($/sh)ROC %
$0.00$0.25$0.50 0%50%100% DEC '23MAY '26 202320252026
Return of capital ($/sh)
Net investment income ($/sh)
Monthly ROC %
Calendar-year ROC (YTD est.)
Distribution Growth & Schedule
Per-period growth of the payout, the latest schedule, and how long distributions take to repay NAV.
Distribution Growth by Lookback Period
+6.1% 1M +6.9% 3M +18.5% 6M +27.7% 1Y +56.3% 3Y +59.6% 5Y
Latest Distribution Schedule
Record date
2026-05-27
Ex-dividend
2026-05-27
Pay date
—
Payback Period
16.0 yr
Dist. Since Incep.
$10.2
Holdings & Concentration
Position sizing, top-name weights, and concentration risk.
Sector Mix · Tilt vs S&P 500
No sector feed for this fund.
Holdings
7
Top-10 Wt.
—
Technical Signal & Liquidity
Moving-average posture and a read on tradability.
Price vs. Moving Averages
$57.8$52.3$46.8$41.3
JUN '25JUN '26
Price $57.08
50-DMA $55.69
200-DMA $51.72
Bullish — 50-DMA above 200-DMA
Price $57.08 is above the 200-day SMA ($51.72); 50-day SMA $55.69. 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
Avg daily volume
92K
Avg dollar volume
$5,076,933
Bid/ask spread
0.09%
Premium/discount
+0.12%
Turnover
7%
Estimated bid/ask spread ~0.19% (moderate). Average daily dollar volume ~$5.1M (adequate). This spread is a high-low estimate, not a live quote; the issuer's reported median spread and premium/discount to NAV are shown above when available.
Assets Under Management
Trend: Falling. Source: shares×price (Massive, monthly).
AUM ($)
$189M
$274M$207M$140M
JUN '24JUN '26
SOURCES  Massive market-data API, SEC EDGAR filings, issuer disclosures.
OVL · 2026-06-21
Prepared by denvereyon
Research aid, not investment advice.