OVL
Overlay Shares Large Cap Equity ETF
OVL is actively managed to provide exposure to large cap U.S. equities combined with a put spread option overlay strategy.
US
EQUITY
Active
MANAGEMENT STYLE
$ 185.1 M
ASSETS UNDER MGMT
87 bp
EXPENSES
Fund Basics
| Inception date | Sep 30, 2019 |
| Regulation | Open-Ended Fund |
| Fund Website | link... |
| Distributions | Annually |
| Currency | USD |
| Holdings Transparency | Full |
| Derivatives-based | Yes |
| Options available | No |
| Currency hedged | No |
| Fund of funds | Yes |
Top 10 Holdings
| VANGUARD S&P 500 ETF | 99.9 % |
| CASH & OTHER | 0.2 % |
| CBOE S&P PUT OPT 04/26 6550 | 0.0 % |
| SPXW US 04/17/26 P6550 | 0.0 % |
| SPXW US 04/17/26 P6650 | -0.1 % |
| CBOE S&P PUT OPT 04/26 6650 | -0.1 % |
Constituent Breakdown
| Number of holdings | 6 |
| Herfindahl-Hirschman Index | 204 |
| Wgt avg mkt cap (mns) | $1,347,492 |
| Large cap (>$10bn) | 98.9% |
| Mid cap ($2-10bn) | 0.4% |
| Small cap (<$2bn) | 0.0% |
| Developed mkts. | 99.4% |
| Emerging mkts. | 0.0% |
Sector Breakdown
Country Exposure
 |
UNITED STATES | 96.9 % |
 |
IRELAND | 1.5 % |
 |
BRITAIN | 0.5 % |
Historical Performance
Standardized Performance (as of 03/31/2026)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | -5.5% | 14.9% | 8.6% | 15.1% | 8.0% | -- | -- | 11.5% |
| Dividend Yield | 1.7% | 5.8% | 4.5% | 4.6% | 4.2% | -- | -- | 3.9% |
| Total Returns | -3.8% | 20.7% | 13.2% | 19.7% | 12.2% | -- | -- | 15.5% | Ann. Volatility | 18.0% | 20.5% | 20.6% | 18.6% | 19.8% | -- | -- | 22.8% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 1.06 | 97% |
| MSCI EAFE | 0.93 | 64% |
| MSCI Emg Mkts | 0.77 | 57% |
Liquidity Measures
| Avg. volume (000) | 38 |
| ADV traded (mns) | $2 |
| Turnover | 1.1% |
| Avg. Bid/Ask (% of price) | 0.13% |
Technical Indicators
| 30d moving avg. (EMA) | $51.53 |
| Relative strength (RSI) | 53 |
| MACD/Signal | -0.07/-0.41 |
| Bollinger Bands (Upper/Lower) | $53.02/$48.99 |
| Short interest (% of AUM) | 0.1% |
Distributions
Top Ten Comparable ETFs only shown here. For an extended list become an Individual or Professional subscriber. Start your FREE trial
Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. OVL |
Expenses vs. OVL |
ALTAR Score™ vs. OVL |
|---|---|---|---|---|
| EDGX | Global X U.S. 500 Income Edge ETF | 40.5% | -87 bp | +0.8% |
Risk and Returns: OVL vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates (USD)
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | ||
|---|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | ||
| change (%) | -- | -- | -- | -- | -- | -- | -- | ||
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | ||
| change (%) | -- | -- | -- | -- | -- | -- | -- | ||
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | ||
| change (%) | -- | -- | -- | -- | -- | -- | -- | ||
| Book value per share | -- | -- | -- | -- | -- | -- | -- | ||
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
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Valuation Metrics
| Fwd Est | 2025 | 2026 | 2027 | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 4/15/2026
Peer Group Comparison Sample data. Subscribe for access.
Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Rating
4.3%
ALTAR SCORE™
27th
PERCENTILE
UNDERWEIGHT
ETFRC RATING
There are 1,201 funds in the US Equity category with an average
ALTAR Score™ of 5.5% and a standard deviation
of 2.1%. OVL's ALTAR Score™ is approximately -0.6 standard
deviations above the category average. This places OVL in the 27th percentile
among funds in the category.
Sell-Side Consensus
$
PRICE TARGET
-100.0%
UPSIDE