At a glance
OVB charges 0.79% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $47.4M in assets, the 8th largest of that group; it paid 6.05% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +0.8% with distributions reinvested, the weakest of those 8 funds; over three years it returned +7.9% a year. At its worst it fell 19.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 36 months after the low.
The short version
Overlay Shares Core Bond ETF (OVB) is an actively managed fund that holds the iShares Core U.S. Aggregate Bond ETF (AGG). On top of that, it runs a short-term put-selling strategy on a large-cap stock index to earn extra income. That overlay helped push its trailing yield to 6.05% as of October 27, 2026. It also exposes the fund to sharp stock-market drops, and it costs 0.79% a year.
Price history
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OVB +0.8% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| OVB official prospectus, to Dec 31, 2024 | — | +3.80% | — | +0.37% | — | +0.58% |
| OVB price data to Oct 27, 2026 | +1.1% | +0.8% | +7.9% | +0.1% | — | +0.9% |
- Over the year to Oct 27, 2026, OVB returned +0.8%, 8th of 8 among similar funds.
- Its 5-year annualized return was +0.1%.
- Its worst full calendar year was 2022 (-17.0%); its best was 2025 (+7.7%).
- The deepest fall in its price history was 21.7% (Sep 14, 2021 to Oct 20, 2022), recovered by Feb 10, 2026.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +1.1% | — |
| 2025 | +7.7% | — |
| 2024 | +4.0% | +3.80% |
| 2023 | +6.9% | +7.08% |
| 2022 | -17.0% | -16.81% |
| 2021 | +0.7% | +1.01% |
| 2020 | — | +9.04% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Not in the price data, which starts Jun 2, 2020 |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 18.8% over that stretch · deepest drop along the way 19%, back to its old high 36.3 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.8900 | |
| 2025 | $1.2200 | +5.2% |
| 2024 | $1.1600 | +8.4% |
| 2023 | $1.0700 | +13.8% |
| 2022 | $0.9400 | -19.7% |
| 2021 | $1.1700 |
What's inside
As of Aug 31, 2026, the fund held 1 securities; the ten largest made up 100.05% of assets.
| Fund held | Weight | |
|---|---|---|
| iShares Core U.S. Aggregate Bond ETF | 100.05% |
By country
United States 100.05%By asset type
Stocks 100.05%What changed recently
- Over the three months to Aug 31, 2026, investors added a net $1.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -0.24%, -1.54%, +0.52%.
How it works
Liquid Strategies, LLC, the adviser, keeps at least 80% of net assets in bonds. It can hold them directly or through other ETFs that track investment-grade, US dollar, fixed-rate taxable bonds. As of August 31, 2026, that meant a single fund, AGG, at about 100% of OVB's $47.4 million in net assets. Portfolio turnover was 9%.
The second part is a "put spread." A put option pays its buyer if an index falls below a set price, called the strike. The seller collects a fee, called a premium, for taking on that risk. OVB sells short-term puts on a large-cap stock index with a value of up to 100% of its net assets. It also buys the same number of puts at a lower strike. The options usually expire within one to two weeks. They settle only at expiration and in cash. As of August 31, 2026, the fund held four SPXW index puts expiring in September 2026, with a net weight of about -0.24%.
The adviser uses a quantitative risk model and its own view of volatility to set the gap between the two strikes. When stocks are falling, it may sell fewer puts. Potential gains are limited to the net premiums plus the bond returns. The lower-strike puts don't fully protect the fund, and in very volatile markets it can lose much more than the premiums it collected.
What it really costs
- OVB charges 0.79% a year, versus an average of 0.86% for the similar funds below (1st of 8, cheapest first).
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $81 in the first year and $978 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| OVB | $81 | $252 | $439 | $978 |
Structure and tax notes
- Invests in other funds rather than directly in stocks or bonds, so its holdings are those funds.
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
OVB aims to add option income on top of a standard investment-grade bond fund, which lifted its trailing yield well above a typical core bond payout.
OVB may add income to the bond part of a portfolio. Its trailing 12-month yield was 6.05% as of October 27, 2026, and it pays quarterly. The trade-off is that a stock sell-off can hurt both parts of the fund at once. In 2022, when rising rates hit bonds and stocks fell, the fund lost 16.81%, according to its prospectus. From its September 14, 2021 peak, it fell 21.7% and took about 40 months, until February 10, 2026, to recover. Its price history doesn't cover 2008 or the 2020 crash. Anyone selling shares for income in a year like 2022 would have sold at a loss. It costs 0.79% a year. In the SEC's standard $10,000 example, that is $81 in the first year and $978 over ten years. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want AGG's investment-grade bond exposure plus option income, with a trailing yield of 6.05% as of October 27, 2026.
- Holders who are fine with quarterly payouts that rise and fall with option premiums and stock-market conditions.
- Those willing to take some stock-market risk inside a bond fund, since the strategy aims to gain in rising or flat stock markets.
Look elsewhere if
- Investors who want bonds as a cushion against stock crashes. The put-selling overlay can lose more than its premiums when stocks fall sharply.
- Cost-focused investors. The 0.79% annual fee applies to a portfolio that was essentially one bond ETF, AGG, as of August 31, 2026.
- Those who prefer large, heavily traded funds. Net assets were about $47.4 million as of August 31, 2026, so trading costs may be higher.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| OVB this fund | 0.79% | $47.4M | +0.8% | +7.9% |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
Does OVB pay monthly dividends?
No. OVB pays distributions quarterly. Over the 12 months to October 27, 2026, it paid about $1.20 per share, a trailing yield of 6.05%. That payout combines income from its bond holding with premiums from its put-selling strategy. Payouts can change as option prices and stock-market conditions shift. The higher yield comes with stock-market risk that a plain bond fund doesn't carry.
What does OVB hold?
As of August 31, 2026, OVB's main holding was the iShares Core U.S. Aggregate Bond ETF (AGG), at about 100% of its $47.4 million in net assets. It also held four short-term put options on a large-cap stock index, listed under the SPXW symbol. They expired in September 2026 and had a combined net weight of about -0.24%. Cash was 0.03%. Because OVB owns another fund, its bond exposure is whatever AGG holds.
What's the difference between OVB and AGG?
OVB holds AGG, so its bond exposure is essentially the same. The difference is the overlay. OVB sells and buys short-term index put options to try to earn extra income, and it charges 0.79% a year for this active management. The overlay can add return when stocks rise or stay flat. In a sharp stock decline, though, it can lose more than the premiums it collected. AGG on its own has no stock-option exposure.
Is OVB a buffer ETF like BUFR?
No. OVB can show up next to buffer funds such as the FT Vest Laddered Buffer ETF (BUFR), but they work differently. BUFR is a stock buffer fund with a 0.95% expense ratio. OVB is a bond fund with a put-spread overlay, and it costs 0.79%. OVB has no preset buffer level, and its protective puts aren't designed to fully limit losses. That makes their returns a poor like-for-like comparison.
How did OVB perform in 2022 and over the long run?
It did poorly in 2022 and modestly over longer periods. The prospectus shows a 16.81% loss in 2022. It also shows an average annual return of 0.37% over the five years to December 31, 2024, and 0.58% a year since the September 30, 2019 launch. Based on price, it returned 7.67% in 2025 and 1.08% in 2026 through October 27. Its deepest drop, 21.7%, took about 40 months to recover.