At a glance
OVS charges 0.83% a year, below the 0.86% average of the 7 funds most like it (the 3rd cheapest of 8). It has $39.1M in assets, the 8th largest of that group; it paid 9.1% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +18.6% with distributions reinvested (S&P 500: +11.5%), the best of those 8 funds; over three years it returned +21.4% a year. At its worst it fell 28.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 22 months after the low.
The short version
Overlay Shares Small Cap Equity ETF (OVS) is an actively managed fund from Liquid Strategies. As of August 31, 2026, almost all of its money sat in one other fund, the iShares Core S&P Small-Cap ETF (IJR). On top of that, OVS sells short-term put options on a large-cap index to earn extra income. So it carries options risk on top of small-cap stock risk, and it costs 0.83% a year.
Price history
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OVS +18.6% 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 | |
|---|---|---|---|---|---|---|
| OVS official prospectus, to Dec 31, 2024 | — | +11.05% | — | +8.77% | — | +10.20% |
| OVS price data to Oct 27, 2026 | +18.9% | +18.6% | +21.4% | +6.5% | — | +14.6% |
- Over the year to Oct 27, 2026, OVS returned +18.6%, 1st of 8 among similar funds.
- Its 5-year annualized return was +6.5%.
- Its worst full calendar year was 2022 (-20.0%); its best was 2021 (+30.2%).
- The deepest fall in its price history was 30.5% (Nov 25, 2024 to Apr 8, 2025), recovered by Jan 6, 2026.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +18.9% | — |
| 2025 | +6.2% | — |
| 2024 | +11.0% | +11.05% |
| 2023 | +17.2% | +17.36% |
| 2022 | -20.0% | -20.06% |
| 2021 | +30.2% | +30.01% |
| 2020 | — | +12.40% |
| 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 26.3% over that stretch · deepest drop along the way 28.8%, back to its old high 21.5 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $3.0900 | |
| 2025 | $1.3200 | -7.0% |
| 2024 | $1.4200 | +36.5% |
| 2023 | $1.0400 | +5.1% |
| 2022 | $0.9900 | -34.9% |
| 2021 | $1.5200 |
What's inside
As of Aug 31, 2026, the fund held 1 securities; the ten largest made up 100.03% of assets.
| Fund held | Weight | |
|---|---|---|
| iShares Core S&P Small-Cap ETF | 100.03% |
By country
United States 100.03%By asset type
Stocks 100.03%What changed recently
- Over the three months to Aug 31, 2026, investors added a net $10.9M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +6.70%, -2.15%, -0.55%.
How it works
OVS doesn't track an index. Its adviser, Liquid Strategies, must keep at least 80% of net assets in small-company stocks, either directly or through other ETFs. In practice, the August 31, 2026 holdings report showed about 100% of the fund in the iShares Core S&P Small-Cap ETF (IJR). That means OVS's stocks are IJR's stocks. Portfolio turnover was 6%.
The extra piece is the "overlay," called a put spread. A put option rises in value when an index falls below a set price, called the strike. OVS sells puts on a large-cap index and collects a cash premium. These puts can cover up to 100% of net assets. OVS also buys the same number of puts at a lower strike. Those cap the loss but don't erase it. The options usually expire within one to two weeks. They settle in cash and can only be exercised at expiration. The adviser picks the gap between strikes based on how volatile it expects markets to be, and it may sell fewer puts when risk looks high.
The upside is limited to IJR's return plus the net premiums. If the large-cap index falls below the short strike, OVS loses money on its options just when its small-cap stocks are also likely falling. The prospectus warns that in very volatile markets, losses can be much larger than the premiums collected.
What it really costs
- OVS 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).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| OVS | $85 | $265 | $460 | $1,025 |
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
OVS combines full small-cap stock exposure with an options strategy that can add to losses in sharp sell-offs, so it fits best as a smaller holding rather than a core one.
OVS acts like a stock fund, not a cushion. It launched in 2019, so it didn't exist during the 2008 crisis. Its worst quarter was a 34.12% loss in early 2020. In the 2022 bear market it fell 28.8% from peak to low and took about 21.5 months to recover, finally getting back in July 2024. Its deepest drop came later: 30.5% between November 2024 and April 2025, followed by about nine months to recover. Anyone who had to sell shares or draw income during those stretches would have locked in losses. The trailing yield was 9.1% as of October 27, 2026. The fund pays quarterly, but payouts from options strategies can change. In the SEC's standard example, $10,000 invested would cost $1,025 over 10 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 small-cap stocks through IJR plus an options layer that aims to add return, and who accept the 0.83% yearly cost.
- People who like quarterly payouts and can live with a payout that changes. The trailing yield was 9.1% as of October 27, 2026.
- Holders who can sit through drops like the 28.8% fall in 2022, which took about 21.5 months to recover.
Look elsewhere if
- Anyone wanting set downside protection. OVS isn't a buffer fund, and the prospectus says its bought puts won't fully protect against declines.
- Cost-focused investors who just want small-cap stocks. OVS charges 0.83% to add options trading to what is essentially a single ETF, IJR.
- Investors wary of tiny funds. Net assets were about $39.1 million as of August 31, 2026, and few market makers may mean wider trading costs.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| OVS this fund | 0.83% | $39.1M | +18.6% | +21.4% |
| 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 OVS ETF hold?
As of August 31, 2026, OVS held about 100% of its assets in one fund, the iShares Core S&P Small-Cap ETF (IJR), plus four put options on a large-cap index. The options are listed as SPXW contracts expiring in September 2026. That makes OVS a fund of funds. Its stock exposure comes from IJR's small-company holdings, and the options add a separate income strategy on large-cap stocks.
Does OVS pay monthly dividends?
No. OVS pays quarterly. Over the 12 months to October 27, 2026, it paid $3.57 per share, a trailing yield of 9.1%. That is high for a small-cap stock fund, and part of the reason is that the strategy is built to earn income from selling options. Payouts from option premiums can change with market conditions, so past payments don't guarantee future ones.
What's the difference between OVS and IJR?
OVS owns IJR and adds a put-selling overlay on a large-cap index. In flat or rising markets, the premiums can add to IJR's return. In sharp sell-offs, the options can lose money at the same time as the small-cap stocks. OVS also charges a 0.83% expense ratio for active management. Investors who want plain small-cap exposure get it from IJR without the options layer.
Is OVS a buffer ETF like BUFR?
No. OVS is often grouped with buffer funds such as FT Vest Laddered Buffer ETF (BUFR), but it works differently. Buffer funds aim to absorb a set range of losses over a defined period. OVS holds small-cap stocks and sells put spreads, which can add to losses. As of October 27, 2026, OVS returned 18.6% over one year versus 11.6% for BUFR. OVS charges 0.83% a year and BUFR charges 0.95%.
How much did OVS lose in 2022?
OVS lost 20.06% in calendar 2022, according to its prospectus. That was its worst full year. From its peak on January 4, 2022, to its low on September 30, 2022, it fell 28.8%. It took about 21.5 months to recover, getting back to its old high on July 16, 2024. Its deepest drop came later: 30.5% between November 2024 and April 2025.