At a glance
OVLH charges 0.8% a year, below the 0.86% average of the 7 funds most like it (the 3rd cheapest of 8). It has $108.8M in assets, the 8th largest of that group; it paid 0.28% of its price in distributions over the past 12 months, annual. Over the past year it returned +6.6% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds; over three years it returned +18.6% a year. At its worst it fell 20.4% 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 Hedged Large Cap Equity ETF (OVLH) is an actively managed fund of funds. As of August 31, 2026, it held about 98% of its assets in the Vanguard S&P 500 ETF (VOO). It also held S&P 500 put options meant to soften large drops. The buffer funds it is compared with here set a fixed buffer and cap gains, but OVLH does neither. Its 0.80% expense ratio is below their 0.86% average.
Price history
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OVLH +6.6% 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 | |
|---|---|---|---|---|---|---|
| OVLH official prospectus, to Dec 31, 2024 | — | +18.42% | — | — | — | +8.81% |
| OVLH price data to Oct 27, 2026 | +7.6% | +6.6% | +18.6% | +8.5% | — | +9.8% |
- Over the year to Oct 27, 2026, OVLH returned +6.6%, 8th of 8 among similar funds.
- Its 5-year annualized return was +8.5%.
- Its worst full calendar year was 2022 (-16.1%); its best was 2024 (+18.4%).
- The deepest fall in its price history was 20.7% (Dec 27, 2021 to Oct 11, 2022), recovered by Feb 2, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +7.6% | — |
| 2025 | +15.8% | — |
| 2024 | +18.4% | +18.42% |
| 2023 | +16.9% | +17.14% |
| 2022 | -16.1% | -16.18% |
| 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 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 19.6% over that stretch · deepest drop along the way 20.4%, back to its old high 15.7 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.1200 | +9.1% |
| 2024 | $0.1100 | -54.2% |
| 2023 | $0.2400 | +20.0% |
| 2022 | $0.2000 |
What's inside
As of Aug 31, 2026, the fund held 1 securities; the ten largest made up 97.79% of assets.
| Fund held | Weight | |
|---|---|---|
| Vanguard S&P 500 ETF | 97.79% |
By country
United States 97.79%By asset type
Stocks 97.79%What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $7.2M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -1.25%, -0.51%, +1.86%.
How it works
OVLH is actively managed and does not track an index. The adviser must keep at least 80% of net assets in large-cap stocks, owned directly or through other ETFs. In practice it works as a fund of funds. As of August 31, 2026, 97.8% of its assets sat in one holding, the Vanguard S&P 500 ETF (VOO).
The hedge is a series of put options. A put gains value when an index falls below a set level, called the strike price. OVLH buys puts on a large-cap index that start below the index's level, which is called out of the money. They expire in 6 to 18 months, and their combined face value roughly matches the fund's assets. As of August 31, 2026, the fund held seven S&P 500 put positions worth 2.26% of assets. The five largest all had a 7,100 strike and expired between January and September 2027. The puts are European-style, so they can be used only at expiration. They are cash-settled, so they pay out in cash, not shares.
The adviser decides how much protection to buy. It uses a numbers-based gauge of market risk, mainly volatility, plus its own judgment. The fund pays for the puts up front, and that cost holds back returns when markets are calm or rising. The cost also goes up when volatility jumps. Because the puts start out of the money, the fund takes the first part of any decline itself.
What it really costs
- OVLH charges 0.8% 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 $82 in the first year and $990 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| OVLH | $82 | $255 | $444 | $990 |
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 keeps nearly all its money in the S&P 500 through VOO and buys put options to soften severe drops, but it still fell about 20% in 2022.
OVLH could serve as a defensive stock holding: almost full S&P 500 exposure, plus put options bought as insurance against deep losses. It launched in January 2021, so it missed the 2008 and 2020 crashes. Its one big test came in 2022. It fell 20.4% from January 4 to October 11 and lost 16.18% for the calendar year, its worst so far. It got back to its old high on February 2, 2024, about 15.7 months after the low. Anyone who withdrew money in 2022 would have locked in real losses. The hedge is meant to soften deep drops, not prevent them.
Income is small: the yield was 0.28% as of October 27, 2026, paid once a year. Costs are 0.80% a year. In the SEC's standard example, that comes to $82 on $10,000 in the first year. Past results don't predict future ones, 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 S&P 500 exposure through VOO with a standing put-option hedge, without the fixed caps and buffers of defined-outcome ETFs.
- Those willing to pay 0.80% a year for ongoing downside insurance, below the 0.86% average of the buffer funds it's compared with.
- Long-term holders who want a smoother ride: three-year volatility was 9.6% and one-year beta was 0.7 as of October 27, 2026.
Look elsewhere if
- Income seekers: the yield was just 0.28% as of October 27, 2026, paid once a year.
- Those wanting firm loss limits: OVLH still fell 20.4% in 2022 and took about 15.7 months after the low to recover.
- Investors wary of small funds: net assets were about $108.8 million as of August 31, 2026, after $7.2 million in outflows over three months.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| OVLH this fund | 0.8% | $108.8M | +6.6% | +18.6% |
| 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
What does OVLH invest in?
Mostly one fund. As of August 31, 2026, about 97.8% of OVLH's assets sat in the Vanguard S&P 500 ETF (VOO), which makes OVLH a fund of funds. The other 2.26% was in seven S&P 500 index put options. The largest five had a 7,100 strike and expired between January and September 2027. The puts are meant to gain value if large U.S. stocks fall sharply.
OVLH vs BUFR: what's the difference?
They limit losses in different ways. FT Vest Laddered Buffer ETF (BUFR) is a defined-outcome fund: it sets a buffer against losses and caps gains in return. OVLH has no set buffer or cap. It simply buys put options. OVLH costs 0.80% a year, against 0.95% for BUFR. As of October 27, 2026, OVLH returned 6.6% over one year and 18.6% a year over three years. BUFR returned 11.6% and 16.8%. BUFR is far larger, at about $10.5 billion.
Does OVLH pay dividends?
Yes, but very little, and only once a year. Over the 12 months to October 27, 2026, it paid about $0.12 per share, a yield of 0.28%. That income comes from the S&P 500 companies it holds through VOO. Most of the fund's return comes from price changes, so it isn't built for people who need regular cash payouts.
What is OVLH's expense ratio?
It is 0.80% a year, according to the prospectus filed December 23, 2025. Of that, 0.75% is the management fee. The SEC's standard example assumes $10,000 invested and a 5% yearly return. On that basis, costs would total about $82 after one year, $255 after three, $444 after five and $990 after ten. That is below the 0.86% average of the buffer funds it is compared with. Owning VOO directly would avoid both the hedge and this cost.
How did OVLH perform in 2022 and since?
It lost 16.18% in 2022, its worst calendar year, and fell 20.4% from peak to low during that year's bear market, despite its hedge. The prospectus shows gains of 17.14% in 2023 and 18.42% in 2024. Based on price, it gained 15.77% in 2025. From its January 2021 launch through December 31, 2024, it returned 8.81% a year. As of October 27, 2026, its five-year return was 8.5% a year.