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OVL Overlay Shares Large Cap Equity ETF

Put-selling overlay on SPY, paying monthly

Over the year to Sep 18, 2026, OVL paid 8.9% in cash and finished 2.6 points ahead of SPY.

Overlay Shares · Income ETFs · data as of

Key facts

8.9%Cash paid, 1 year, on its starting price
+19.2%Total return, 1 year
+2.6 ptsAgainst SPY
10.4%Latest payout, annualized

Method

ETFIQ Return Stability Score

88.8joint 9th of 173

OVL paid 8.9% in cash and its price rose 9.4%, so the payout came out of returns rather than principal.

Was the payout funded by returns, or by your own capital?

Against its benchmark
MLPD −35.8 ptsMDST −28.6 ptsEIPI −26.8 ptsBLOX −26.6 ptsYQQQ −25.3 ptsULTY −24.3 ptsSLTY −22.7 ptsGDXY −21.4 ptsTDVI −20.9 ptsTOPW −19.8 ptsHIGH −18.8 ptsACKY −17.9 ptsYMAX −16.8 ptsHISF −16.4 ptsNDIV −16.4 ptsSDVD −16.4 ptsWEEI −15.8 ptsOARK −15.2 ptsFDND −14.1 ptsSCLZ −14.0 ptsLFGY −13.6 ptsXLRI −13.6 ptsTCAL −13.5 ptsQRMI −13.3 ptsSLJY −13.2 ptsYYY −13.2 ptsYFYA −13.1 ptsHIPS −12.8 ptsJULH −12.1 ptsRNTY −12.0 ptsXLKI −12.0 ptsXBTY −11.8 ptsQUSA −11.7 ptsJULJ −11.5 ptsLJUL −11.5 ptsJANJ −11.4 ptsLJAN −11.4 ptsFGSI −11.3 ptsLOCT −11.2 ptsQLDY −11.2 ptsOCTJ −11.1 ptsCVRD −11.0 ptsIWMY −10.9 ptsJUCY −10.9 ptsAPRJ −10.5 ptsLAPR −10.5 ptsXISE −10.5 ptsXIJN −10.3 ptsAPRH −10.1 ptsJANH −10.1 ptsXIDE −10.1 ptsXLEI −10.0 ptsOCTH −9.9 ptsJEPI −9.5 ptsAIPI −9.4 ptsMAGY −9.4 ptsBAGY −9.2 ptsXIMR −9.1 ptsSRHR −8.8 ptsBUYW −8.1 ptsRDVI −8.0 ptsIAUI −7.7 ptsOVLH −7.5 ptsVEGA −7.2 ptsXV −7.1 ptsYBTC −7.1 ptsFTHI −6.9 ptsBITY −6.7 ptsXLVI −6.7 ptsXRMI −6.3 ptsIGLD −6.2 ptsFEPI −6.1 ptsYLDE −6.0 ptsGPTY −5.7 ptsKHPI −5.5 ptsQQQI −5.3 ptsSPIN −5.2 ptsTYLG −5.2 ptsSPUT −5.1 ptsETCO −4.8 ptsWTPI −4.6 ptsCAIE −4.1 ptsIQQQ −4.1 ptsPAPI −3.8 ptsBIGY −3.6 ptsJEPQ −3.2 ptsXLBI −3.2 ptsISPY −3.1 ptsIWMW −3.0 ptsWEEL −2.3 ptsGIAX −2.1 ptsDIVO −2.0 ptsKNG −1.6 ptsQDTY −1.6 ptsDFII −1.5 ptsRDTY −1.5 ptsTSPY −1.5 ptsYMAG −1.5 ptsBTCC −1.4 ptsNBOS −1.4 ptsNIHI −1.4 ptsEGGY −1.2 ptsSPYI −1.2 ptsRYLD −1.1 ptsRYLG −1.0 ptsXDTE −1.0 ptsXPAY −0.9 ptsSDTY −0.8 ptsWDTE −0.8 ptsJOYT −0.7 ptsQDTE −0.7 ptsKGLD −0.6 ptsQQQY −0.6 ptsRDTE −0.6 ptsTHTA −0.6 ptsXLII −0.6 ptsFTKI −0.5 ptsGPIQ −0.4 ptsFTQI −0.3 ptsSIXH −0.3 ptsDJIA +0.2 ptsLTTI +0.2 ptsDYLG +0.3 ptsGPIX +0.4 ptsXLFI +0.4 ptsQYLG +0.5 ptsHYBI +0.6 ptsHYTI +0.6 ptsIVVW +0.6 ptsLQTI +0.6 ptsXYLG +0.7 ptsTDAQ +1.0 ptsIWMI +1.1 ptsQYLD +1.2 ptsCSHI +1.3 ptsTLTX +1.3 ptsXYLD +1.4 ptsHYGW +1.5 ptsHYBL +1.6 ptsBNDI +1.7 ptsOVS +1.7 ptsPBP +1.9 ptsTLTI +1.9 ptsXLUI +1.9 ptsBALI +2.0 ptsBTCI +2.0 ptsCHPY +2.3 ptsOVB +2.3 ptsOVT +2.3 ptsYBIT +2.3 ptsITWO +2.4 ptsYETH +2.8 ptsOVM +2.9 ptsTLTP +3.0 ptsSOXY +3.5 ptsDUBS +3.7 ptsLQDW +3.8 ptsXLYI +4.1 ptsTLTW +4.2 ptsOVF +4.5 ptsDOGG +4.6 ptsOMAH +4.9 ptsIDVO +5.2 ptsSEPI +5.2 ptsBCCC +5.9 ptsCEPI +6.0 ptsIDUB +7.2 ptsXLCI +7.9 ptsBUCK +9.6 ptsUSOY +11.6 ptsXLSI +12.5 ptsKLIP +22.5 ptsOVL +2.6 ptsOVL +2.6 pts−35.8 pts+22.5 pts

87.6% of the 173 sit at or below OVL on this measure.

What happened to the principal
ETCO −75.5%XBTY −74.1%YETH −66.4%YBTC −60.1%BTCC −59.1%YBIT −58.9%BAGY −57.9%ULTY −54.1%BITY −51.5%SLTY −51.5%BCCC −48.5%BTCI −47.0%LFGY −44.7%DFII −43.7%BLOX −40.9%YMAX −40.7%TOPW −37.7%OARK −34.0%GDXY −33.1%KLIP −32.5%YMAG −28.1%YQQQ −25.7%MAGY −25.3%IWMY −24.9%CEPI −22.5%RDTY −21.8%RDTE −21.4%QLDY −20.3%QDTE −19.2%TLTX −18.5%EGGY −16.2%XLYI −15.5%ACKY −15.1%WDTE −14.8%QDTY −14.0%AIPI −13.8%TLTP −13.4%XDTE −13.4%QQQY −13.2%LTTI −12.6%XLUI −11.3%QUSA −11.0%SDTY −10.8%GIAX −10.5%FEPI −10.0%TLTW −9.9%LQTI −9.7%XLRI −9.4%TLTI −9.1%LQDW −8.8%XLCI −8.8%XV −8.8%YYY −8.8%TCAL −8.6%HIGH −8.3%FDND −8.2%GPTY −8.1%IGLD −7.9%RNTY −7.3%HIPS −7.0%HYTI −6.8%XLSI −6.5%OMAH −6.3%XLBI −6.3%IWMW −6.2%XLFI −6.2%HYGW −6.0%XPAY −5.8%HYBI −5.5%OVB −5.0%BNDI −4.9%USOY −4.8%HISF −4.7%OVT −4.3%QRMI −3.8%OVM −3.6%FGSI −3.2%HYBL −2.8%CAIE −2.5%JUCY −2.5%XRMI −2.4%BUCK −2.2%CVRD −2.2%MLPD −2.1%IAUI −2.0%IVVW −2.0%YFYA −1.7%JEPI −1.2%XLII −1.2%XIJN −0.9%WTPI −0.8%JULJ −0.6%XISE −0.6%CSHI −0.4%JULH −0.4%KNG −0.4%BIGY −0.3%LJUL −0.3%QQQI −0.1%TSPY −0.1%JANH 0.0%JANJ 0.0%LAPR 0.0%OCTH 0.0%XIDE 0.0%APRJ +0.1%LJAN +0.1%LOCT +0.1%OCTJ +0.1%APRH +0.3%FTHI +0.3%XIMR +0.5%WEEL +0.7%SRHR +1.0%SDVD +1.2%SPYI +1.2%IWMI +1.3%KHPI +1.5%BUYW +2.1%DJIA +2.4%QYLG +2.4%XYLG +2.6%YLDE +2.6%NIHI +2.8%RYLD +2.9%KGLD +3.4%TDAQ +3.4%DYLG +3.5%FTKI +3.8%XLVI +4.0%SCLZ +4.1%THTA +4.1%RYLG +4.2%PAPI +4.5%XLKI +4.6%PBP +5.5%JEPQ +5.7%SPIN +5.8%XYLD +5.9%NBOS +6.0%SPUT +6.0%DIVO +7.3%GPIX +7.4%ISPY +7.6%DOGG +8.0%FTQI +8.0%MDST +8.2%TDVI +8.2%OVF +8.3%OVS +8.5%OVLH +8.8%VEGA +8.9%QYLD +9.1%BALI +9.2%GPIQ +9.3%RDVI +9.6%ITWO +10.5%IQQQ +10.8%SLJY +12.3%EIPI +12.8%XLEI +12.8%SEPI +13.4%SIXH +14.1%IDVO +14.4%JOYT +15.2%WEEI +17.3%IDUB +17.4%DUBS +17.6%NDIV +20.4%CHPY +20.6%TYLG +20.6%SOXY +64.1%OVL +9.4%OVL +9.4%−75.5%+64.1%

89.9% of the 173 sit at or below OVL on this measure.

Weighted evenly, those two positions are what the score combines, across the 173 income ETFs writing on an index or proxy. Neither spread above is the score: a fund can sit further right on one and score lower. A position in this set, not a rating: it moves when the set moves, and it is not a figure to average against another desk's.

What the score is computed from
What it measuresThis fundIts percentileWeight
against its benchmark+2.6 pts87.650%
what happened to the principal+9.4%89.950%

All income ETFs ranked by this score · How it is computed

3rd of 71 income ETFs writing on SPY, by return against it 65th of 369 income ETFs by net assets

What a holder got

OVL against SPYOVL returned +19.2% with distributions reinvested against +16.6% for S&P 500 (SPY), a gap of +2.6 pts. Of that, 8.9% arrived as cash rather than price.+19.2%OVL total return+16.6%S&P 500 (SPY)8.9% of it arrived as cash

Over the year to Sep 18, 2026, OVL returned +19.2% with distributions reinvested and S&P 500 (SPY) returned +16.6%, so a holder came out ahead of it by 2.6 points. The lighter segment is the 8.9% that arrived as cash rather than as price.

Method

Period by period

OVL over each window to Sep 18, 2026. Every figure is an ETFIQ calculation. Source: ETFIQ.
WindowCash paidPriceTotal returnSPYAhead or behind
3 months2.6%−0.4%+2.3%+2.3%0.0 pts
6 months5.7%+12.7%+18.8%+18.0%+0.7 pts
1 year8.9%+9.4%+19.2%+16.6%+2.6 pts
3 years21.1%+59.9%+86.2%+78.4%+7.8 pts
Since launch47.2%+130.0%+203.4%+187.2%+16.1 pts

Method

In plain words

Since it launched on Oct 1, 2019, OVL has returned +203.4% with distributions reinvested, against +187.2% for S&P 500 (SPY), and has paid out 47.2% of its starting value in cash along the way. It pays monthly, and at its current price the latest distribution annualizes to 10.4%. No Rule 19a-1 notice has been published for this fund, so there is no issuer estimate of how much of its distributions was a return of capital.

OVL (Overlay Shares Large Cap Equity ETF), income ETFs fields as of Sep 18, 2026. Source: ETFIQ.
Strategyput-selling overlay
BenchmarkS&P 500 (SPY)
Paysmonthly
Net assets (SEC filing, whole fund, as filed for May 31, 2026)$276m
Latest payout, annualized (ETFIQ)10.4%
Expense rationot read by ETFIQ
Cash paid, last 12 months, over today’s price (ETFIQ)8.2%
LaunchedOct 1, 2019

Every figure is an ETFIQ calculation from exchange prices and cash distributions (Tiingo end-of-day), total return with distributions reinvested. Return of capital is the issuer’s estimate. How these figures are computed

Questions people ask

How much has OVL paid over the last year?
Over the year to Sep 18, 2026, OVL paid 8.9% of its starting price in cash distributions, while the price rose 9.4%.
Is OVL ahead of SPY?
Over the year to Sep 18, 2026, with every distribution reinvested, OVL returned +19.2% against +16.6% for S&P 500 (SPY), so a holder was ahead of it by 2.6 points.
How often does OVL pay, and how much?
OVL pays monthly. The latest distribution annualizes to 10.4% at its price on Sep 18, 2026, which is not a promise; the next one can differ.

The words on this page

Total return
What a holder actually ended up with: price change plus every distribution, reinvested. The only figure that answers whether you came out ahead.
Cash paid
Distributions over the window as a share of what the fund cost at the start. A measure of cash delivered, not of return: a fund can pay a great deal and still lose money.
Ahead or behind
The fund’s total return minus the benchmark’s over exactly the same days, in percentage points. Both sides reinvest.
Return of capital
The issuer’s own estimate, in a Rule 19a-1 notice, of how much of a distribution was your own money returned. An estimate and a tax characterization, not a measure of erosion.
Covered call
Selling call options on shares the fund holds. It collects a premium and gives up the gains above the strike, which is why these funds pay well and lag a rising market.

Every term used here, defined in full on the income ETFs vocabulary page.

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.

Compare OVL

Also against APRJ, BALI, BALQ, BIGY, CAIQ, CDPI, CVRD, DDDD, DIVO, DJIA, DOGG, DRKY, DUBS, DYLG, EGGY, FDND, FEPI, FGSI, FTHI, FTQI, GPIQ, GPIX, GRNI, HEMI, HJAN, IQQQ, ISPY, IVVW, JANH, JANJ, JANQ, JEPI, JEPQ, JOYT, JUDO, JULH, JULJ, KHPI, KIQQ, KNG, KYLD, LAPR, LJAN, LJUL, LOCT, MAGY, NLSI, OARK, OCTH, OCTJ, ODTE, OEI, OMAH, OVLH, PAPI, PBP, PCOV, QDTE, QDTY, QLDY, QQQI, QQQY, QRMI, QUSA, QVOL, QYLD, QYLG, RDVI, RECI, RNTY, ROCQ, ROCY, SCEP, SCLZ, SDTY, SDVD, SEPI, SIOO, SIXH, SPIN, SPUT, SPYI, TCAL, TDAQ, TPAY, TPRY, TSPY, ULTY, VOOY, WDTE, XDTE, XIDE, XIJN, XIMR, XISE, XPAY, XQQI, XRMI, XSHP, XSPI, XVSP, XYLD, XYLG, YLDE, YMAG, YQQQ, YSPC, YYY.

Funds near this one

Where OVL is written about

OVL, Income ETFs, ETFIQ, data as of Sep 18, 2026. Every figure is calculated from a named public source; the method is at etfiq.com/methodology. ETFIQ is an independent publisher, is not a fund issuer, broker-dealer or investment adviser, and makes no recommendations.
Use this data, or open the live card

Open OVL live on ETFIQ, where the figures refresh with the data.

Cite this page. ETFIQ, OVL, income ETFs, data as of Sep 18, 2026. https://etfiq.com/funds/ovl Free to use with attribution; the underlying files are at Open data.

How these figures are computed · Standards and sources