Data as of .
OVL vs TPAY: which paid, and which earned it?
OVL and TPAY both write options for income.
What they hold in common
By the books each fund has filed, OVL and TPAY hold 0% of their money in the same securities at the same weight.
| Only in OVL | Only in TPAY |
|---|---|
| Vanguard S&P 500 ETF 100.00% | SPY 03/12/2027 33.67 C 61.75% |
| SPY 04/16/2027 33.18 C 33.20% | |
| SPYM 03/12/2027 3.33 C 5.05% |
Weight overlap is an ETFIQ calculation: for every security both funds hold, the smaller of the two weights, summed. Above 50%, holding both is close to holding one of them twice. Holdings dated May 31, 2026 and Sep 18, 2026.
Performance, window by window
| Window | Total return | Cash paid | Against the benchmark | |||
|---|---|---|---|---|---|---|
| OVL | TPAY | OVL | TPAY | OVL | TPAY | |
| 3 months | +2.3% | +1.5% | 2.6% | 2.4% | 0.0 pts | −0.8 pts |
| 6 months | +18.8% | +17.3% | 5.7% | 5.3% | +0.7 pts | −0.7 pts |
| 1 year | +19.2% | not published | 8.9% | not published | +2.6 pts | not published |
| 3 years | +86.2% | not published | 21.1% | not published | +7.8 pts | not published |
| Since launch | +203.4% | +11.0% | 47.2% | 5.8% | +16.1 pts | −0.8 pts |
| OVL Overlay Shares Large Cap Equity ETF Put-selling overlay on SPY, paying monthly | TPAY Roundhill S&P 500 Target 10 Managed Distribution ETF Option income on SPY, paying monthly | |
|---|---|---|
| Issuer | Overlay Shares | Roundhill |
| Strategy | put-selling overlay | option income |
| Benchmark | S&P 500 (SPY) | S&P 500 (SPY) |
| Pays | monthly | monthly |
| Payout rate, annualized | 10.4% | 9.5% |
| Expense ratio | not published | 0.49% |
| Cash paid, 1 year | 8.9% | 5.8% (since launch on Feb 18, 2026) |
| Price change, 1 year | +9.4% | +4.9% |
| Total return, 1 year | +19.2% | +11.0% (since launch on Feb 18, 2026) |
| Benchmark return, 1 year | +16.6% | +11.8% |
| Ahead or behind | +2.6 pts | −0.8 pts |
| Return of capital, latest estimate | not published | not published |
| Age | 2544 days | 212 days |
| Net assets | $276m | $2m |
OVL in plain words
Over the year to Sep 18, 2026, OVL paid 8.9% of its starting value in cash distributions while its price rose 9.4%. With every distribution reinvested, the fund returned +19.2%. S&P 500 (SPY) returned +16.6% over the same days, so a holder was ahead by 2.6 pts. At its price on Sep 18, 2026 the latest distribution annualizes to 10.4%, paid monthly.
TPAY in plain words
Over the period since launch on Feb 18, 2026 to Sep 18, 2026, TPAY paid 5.8% of its starting value in cash distributions while its price rose 4.9%. With every distribution reinvested, the fund returned +11.0%. S&P 500 (SPY) returned +11.8% over the same days, so a holder was behind by 0.8 pts. At its price on Sep 18, 2026 the latest distribution annualizes to 9.5%, paid monthly.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, OVL against TPAY, data as of Sep 18, 2026. https://etfiq.com/compare/income/ovl-vs-tpay Free to use with attribution; the underlying files are at Open data.