Overlay Shares Foreign Equity ETF

Overlay Shares Foreign Equity ETF (OVF) is an actively managed fund of funds. It holds two iShares ETFs covering developed and emerging foreign stocks. On top, it sells short-term put spreads on a U.S. large-cap index to earn extra income. That options overlay sets it apart: it adds income, and extra risk, on top of full foreign stock exposure. The expense ratio is 0.83%.

• Over the year to Oct 27, 2026, OVF returned +13.9%, 1st of 8 among similar funds.
• Its 5-year annualized return was +8.8%.
• Its worst full calendar year was 2022 (-17.6%); its best was 2025 (+33.0%).
• The deepest fall in its price history was 30.1% (Sep 3, 2021 to Oct 14, 2022), recovered by May 14, 2024.

As of Aug 31, 2026, the fund held 2 securities; the ten largest made up 100.04% of assets. It also reported 12.21% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.

• Over the three months to Aug 31, 2026, investors added a net $20.6M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: -0.40%, -0.57%, +2.97%.

Liquid Strategies, LLC, the fund's adviser, manages OVF actively, so the fund does not track an index. At least 80% of net assets go into non-U.S. companies, either through other ETFs or directly. As of August 31, 2026, that meant two iShares funds. About 74.9% sat in iShares Core MSCI EAFE ETF (IEFA), which covers developed foreign markets. The other 25.1% sat in iShares Core MSCI Emerging Markets ETF (IEMG). Portfolio turnover was 12%.

On top of that sits the Overlay Strategy. A put option gives its buyer the right to sell at a set price, called the strike. The seller collects a fee, called a premium, and takes the loss if prices fall below the strike. OVF sells short-term puts on a U.S. large-cap index, with a notional value of up to 100% of net assets. It also buys the same number of puts at a lower strike. This pairing is called a put spread. The options usually expire within one to two weeks and settle in cash.

The adviser decides how far apart the strikes are, and how many puts to sell, using its own measure of U.S. market risk and volatility. It may cut back in falling markets. The puts the fund buys limit losses but don't fully stop them, and losses can exceed the premiums collected. Holders therefore carry foreign stock risk plus a separate exposure to U.S. stocks. There is no preset cap or buffer.

• OVF charges 0.83% a year, versus an average of 0.86% for the similar funds below (3rd 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 $85 in the first year and $1,025 over 10 years (assuming a 5% annual return).

It pairs full foreign stock exposure with a put-selling overlay on a U.S. index that adds a second layer of stock-market risk.

OVF could add developed and emerging foreign stocks plus option income. The fund launched in 2019, so it has no 2008 record. Its worst quarter was a 19.21% loss in early 2020. In the 2022 bear market it fell 28.1% and took about 17 months, until March 2024, to recover. Its deepest drop was 30.1%, from September 2021 to October 2022, and recovery took 19 months. Someone forced to sell shares during a drop like that would lock in the losses.

The trailing 12-month yield was 11.46% as of October 27, 2026, paid quarterly. Option income moves with markets, so payouts may vary. Costs are 0.83% a year, or $1,025 over 10 years in the SEC's standard $10,000 example. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.

Matched by other buffer (defined-outcome) funds, largest first.