At a glance
OVL charges 0.79% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $427.5M in assets, the 8th largest of that group; it paid 8.31% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +15.6% with distributions reinvested (S&P 500: +11.5%), the best of those 8 funds; over three years it returned +27.8% a year. At its worst it fell 29.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 16 months after the low.
The short version
Overlay Shares Large Cap Equity ETF (OVL) is an actively managed fund that puts nearly all its money into one other fund, the Vanguard S&P 500 ETF (VOO). It then sells short-term S&P 500 put option spreads to earn extra income. That approach produced a trailing 12-month yield of 8.31% as of October 27, 2026. It also adds risk: in sharp drops, the fund can lose more than the S&P 500 fund it holds.
Price history
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OVL +15.6% 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 | |
|---|---|---|---|---|---|---|
| OVL official prospectus, to Dec 31, 2024 | — | +27.66% | — | +15.01% | — | +16.37% |
| OVL price data to Oct 27, 2026 | +15.7% | +15.6% | +27.8% | +12.8% | — | +18.1% |
- Over the year to Oct 27, 2026, OVL returned +15.6%, 1st of 8 among similar funds.
- Its 5-year annualized return was +12.8%.
- Its worst full calendar year was 2022 (-22.2%); its best was 2021 (+32.4%).
- The deepest fall in its price history was 29.2% (Jan 3, 2022 to Sep 30, 2022), recovered by Jan 19, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +15.7% | — |
| 2025 | +17.9% | — |
| 2024 | +27.9% | +27.66% |
| 2023 | +28.0% | +27.86% |
| 2022 | -22.2% | -22.06% |
| 2021 | +32.4% | +32.23% |
| 2020 | — | +19.65% |
| 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 29.2% over that stretch · deepest drop along the way 29.2%, back to its old high 15.6 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $4.3100 | |
| 2025 | $1.5900 | +9.7% |
| 2024 | $1.4500 | +16.0% |
| 2023 | $1.2500 | +6.8% |
| 2022 | $1.1700 | -20.9% |
| 2021 | $1.4800 |
What's inside
As of Aug 31, 2026, the fund held 1 securities; the ten largest made up 99.97% of assets.
| Fund held | Weight | |
|---|---|---|
| Vanguard S&P 500 ETF | 99.97% |
By country
United States 99.97%By asset type
Stocks 99.97%What changed recently
- Over the three months to Aug 31, 2026, investors added a net $155.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -1.45%, -0.26%, +2.77%.
How it works
OVL is actively managed by Liquid Strategies, LLC and does not track an index. The prospectus requires at least 80% of net assets in large-company stocks, held directly or through other ETFs. In practice it is a fund of funds. As of August 31, 2026, 99.97% of its assets were in a single ETF, the Vanguard S&P 500 ETF (VOO). Portfolio turnover was a low 7%.
On top of that stock position, the adviser runs an "overlay" of put options on a large-cap index. A put pays its owner if the index falls below a set price, called the strike. The fund sells puts with a notional value of up to 100% of net assets and collects a premium. It also buys the same number of puts at a lower strike. The options usually expire within one to two weeks and settle in cash. As of August 31, 2026, it had sold S&P 500 puts at 7,750 and bought puts at 7,675, both expiring September 3, 2026.
If the index stays above the sold strike, the fund keeps the net premium. If the index falls below it, the fund pays out. The bought puts limit that loss but do not erase it, and it comes on top of any losses in VOO. The adviser uses volatility-based risk measures to set the gap between strikes. In falling markets it may sell fewer puts.
What it really costs
- OVL 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 |
|---|---|---|---|---|
| OVL | $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.
In a retirement portfolio
It holds a full S&P 500 position plus a put-selling overlay that can deepen losses, so it fits better alongside a core holding than as one.
OVL could add option income on top of S&P 500 exposure, but it adds stock risk rather than reducing it. It launched in September 2019, so it has no 2008 record. Its worst quarter was a 21.35% loss in early 2020. Its worst calendar year was 2022, when it fell 22.06%. From January 3 to September 30, 2022, its price fell 29.2% and did not recover until January 19, 2024. Anyone selling shares for living costs in that stretch would have sold low. The trailing yield was 8.31% as of October 27, 2026, paid quarterly. Option income can shrink in volatile markets. Expenses are 0.79% a year, or $81 in the first year on $10,000 in the SEC's standard example. Past results don't predict the future, and a plan should weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting S&P 500 exposure through VOO plus option income; the trailing yield was 8.31% as of October 27, 2026, paid quarterly.
- Those comfortable with bigger-than-market swings; its one-year beta (a measure of sensitivity to market moves) was 1.18 as of October 27, 2026.
- Investors willing to rely on Liquid Strategies' judgment in setting put strikes every one to two weeks based on market volatility.
Look elsewhere if
- Anyone wanting downside protection: OVL is not a buffer fund, its bought puts don't fully protect, and it fell 29.2% in 2022.
- Cost-focused investors: the 0.79% expense ratio pays mostly for holding one S&P 500 fund, VOO, which trades on its own.
- Retirees needing steady income: option premiums vary, and the prospectus warns the fund may lose far more than its premiums in volatile markets.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| OVL this fund | 0.79% | $427.5M | +15.6% | +27.8% |
| 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
Is OVL good for retirement income?
OVL can pay a lot of income, but it is not a low-risk income fund. Its trailing 12-month yield was 8.31% as of October 27, 2026, or $4.73 per share, paid quarterly. The fund aims to generate that income by selling put options, which can earn less, or lose money, when markets swing hard. It also holds a full S&P 500 position, and its price fell 29.2% from January 3 to September 30, 2022.
What does OVL hold?
OVL holds almost nothing but another ETF. As of August 31, 2026, 99.97% of its $427.5 million in net assets was in the Vanguard S&P 500 ETF (VOO), with about 0.1% in cash. Its only other positions were four short-dated S&P 500 put options, two sold and two bought, which make up its income overlay. In effect, its stock exposure is the S&P 500, the index VOO tracks.
How does the OVL put spread strategy work?
OVL sells put options on a large-cap stock index and buys an equal number of puts with a lower strike price. This pairing is called a put spread. A put pays its owner if the index falls below the strike. If the index stays above the sold strike until the options expire, usually one to two weeks later, OVL keeps the net premium. If the index falls further, OVL pays out, and the bought puts only partly limit that loss. All of this sits on top of a full stock position.
Is OVL a buffer ETF like BUFR?
No. OVL gets compared with buffer ETFs such as the FT Vest Laddered Buffer ETF (BUFR), but it works differently. Buffer funds aim to absorb part of a market loss in exchange for capped gains. OVL keeps full S&P 500 exposure and adds put spreads that can deepen losses. As of October 27, 2026, OVL returned 15.6% over one year versus BUFR's 11.6%. OVL costs 0.79% a year versus BUFR's 0.95%. That higher return came with more risk.
What is OVL's expense ratio?
OVL's expense ratio is 0.79%, which includes a 0.75% management fee, according to its prospectus filed December 23, 2025. In the SEC's standard example, $10,000 earning 5% a year would cost about $81 over one year, $252 over three, $439 over five and $978 over ten. That is below the 0.86% average of the buffer ETFs it is compared with. Most of what it pays for is one S&P 500 fund plus an options overlay.