How much has OVL paid over the last year?

Over the year to Nov 4, 2026, OVL paid 9.9% of its starting price in cash distributions, while the price rose 6.6%.

Over the year to Nov 4, 2026, with every distribution reinvested, OVL returned +17.2% against +14.8% for Vanguard S&P 500 ETF (VOO), so a holder was ahead of it by 2.4 points.

How often does OVL pay, and how much?

OVL pays monthly. The latest distribution annualizes to 10.6% at its price on Nov 4, 2026, which is not a promise; the next one can differ.

Is the OVL distribution return of capital?

Overlay Shares estimates 100% of the distribution paid Oct 29, 2026 was return of capital. That is a tax characterization from the fund's own 19a-1 notice, not a measure of erosion.

When does OVL next pay a distribution?

OVL pays monthly. The last distribution went ex on Oct 28, 2026 at $0.494 a share. The next is not declared; on a cadence of about 30 days the ex-date falls near Nov 27, 2026, which is an ETFIQ projection. Payment usually follows the ex-date by 2 days.

The prospectus expense ratio is 0.79% a year.

How much of OVL’s distribution is return of capital?

Overlay Shares’s Rule 19a-1 notice estimates 100.0% of the distribution paid Oct 29, 2026 was return of capital. Across its notices for distributions paid Dec 24, 2025 to Oct 29, 2026, the estimate is 100.0%. The annual report for the fiscal year to Aug 31, 2025 puts it at 82.5% of distributions. Estimates come before the fund year closes and often change.

OVL Overlay Shares Large Cap Equity ETF

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$56.07

+2.1% · 1 day, price

IQ’s readingComputed nightly from ETFIQ data. Not written live.

Over the year to Nov 4, 2026, OVL paid 9.9% in cash and returned 17.2% in total, against 14.8% for VOO.

Why did OVL return +196.3% from Oct 2019 to Oct 2026, against VOO’s +183.0%?Is OVL’s payout of 10.6% a year sustainable?What do OVL’s net flows of +$195m over the 3 years to Aug 31, 2026 mean?

Put-selling overlay on VOO, paying monthlyOverlay Shares ↗Expense ratio 0.79%Fund assets $427m net assets, latest filing (Aug 31, 2026)First traded Oct 1, 2019Benchmark Vanguard S&P 500 ETF (VOO)SEC filings ↗Every Overlay Shares fund ETFIQ covers Dividend history

Promise check: DeliveredOver the year to Nov 4, 2026, OVL paid 9.9% in cash and returned 17.2% in total, covering 173.7% of its payout.

Compare with…Trading costs Put to the committee askIQ about OVL Add to portfolio Flows Alerts

OVL risk and return scorecard

vs VOO · Oct 2019 to Oct 2026 · 368 weekly returns · dividend-adjusted

7.0 years

OVL +196.3%, VOO +183.0%, Oct 2019 to Oct 2026, distributions reinvested.

Return

MeasureOVLVOOEdge

Total return+196.3%+183.0%OVL (slight)

Annualized+16.6%+15.8%OVL (slight)

Price return+120.8%+155.3%VOO

Risk

MeasureOVLVOOEdge

Volatility21.1%18.5%VOO

Max drawdown−35.2%−31.8%VOO (slight)

Upside capture121.3%100.0%OVL

Downside capture108.9%100.0%VOO (slight)

Risk-adjusted

MeasureOVLVOOEdge

Sharpe ratio0.700.73VOO (slight)

Sortino ratio1.011.06VOO (slight)

Alpha vs VOO

MeasureOVLVOOEdge

Alpha, a year−0.6%Not significant

Alpha t-stat−0.66

Beta to VOO1.131.00Higher beta

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records; risk-free rate: U.S. Treasury, Daily Treasury Bill Rates, 13-week coupon equivalent Method · Data

Money in and out

Net fund flows · Aug 31, 2026

12 months to Aug 31, 2026

+$234m

3 years to Aug 31, 2026

+$195m

5 years to Aug 31, 2026

+$186m

askIQ: what do these flows mean? ↗

What you earned

OVL −1.4%, VOO −1.1%: total return over one month to Nov 4, 2026.

OVL

−1.4%

VOO

−1.1%

Paid 0.9% in cash. Price −2.3%.

OVL −0.5%, VOO −0.1%: total return over three months to Nov 4, 2026.

OVL

−0.5%

VOO

−0.1%

Paid 2.6% in cash. Price −3.1%.

OVL +4.4%, VOO +5.0%: total return over six months to Nov 4, 2026.

OVL

+4.4%

VOO

+5.0%

Paid 5.2% in cash. Price −0.9%.

OVL +15.0%, VOO +13.4%: total return over the year to Nov 4, 2026.

OVL

+15.0%

VOO

+13.4%

Paid 9.0% in cash. Price +5.4%.

OVL +17.2%, VOO +14.8%: total return over one year to Nov 4, 2026.

OVL

+17.2%

VOO

+14.8%

Paid 9.9% in cash. Price +6.6%.

OVL +92.6%, VOO +83.3%: total return over three years to Nov 4, 2026.

OVL

+92.6%

VOO

+83.3%

Paid 23.9% in cash. Price +64.0%.

OVL +75.7%, VOO +75.5%: total return over five years to Nov 4, 2026.

OVL

+75.7%

VOO

+75.5%

Paid 26.8% in cash. Price +38.6%.

OVL +204.4%, VOO +190.0%: total return since launch to Nov 4, 2026.

OVL

+204.4%

VOO

+190.0%

Paid 51.2% in cash. Price +126.8%.

askIQ: why did OVL return +17.2% over one year, against VOO’s +14.8%? ↗

What it paid

13 distributions · latest Oct 28, 2026

9.9%

Cash paid, 1 year, on its starting price

to Nov 4, 2026

Report

+17.2%

Total return, 1 year

to Nov 4, 2026

Report

+2.4 pts

Against VOO

to Nov 4, 2026

Report

100.0%

Return of capital, latest payout (Overlay Shares estimate)

Report

$0.494

Last payment (paid monthly), ex-date Oct 28, 2026

Report

Pays monthly.

askIQ: is OVL’s payout of 10.6% a year sustainable? ↗

More on OVL

Every number below is on this page. Open what you need.

Price and total return, 1 year

$56.07+2.1%1 day, priceClose, Nov 4, 2026

−5%0%5%10%15%Total return +17.2%Price +6.6%

Nov 4, 2025Nov 4, 2026

Price +6.6%Total return +17.2%

Total return adds every distribution, reinvested. Computed by ETFIQ from Tiingo daily prices.

Source: Tiingo end-of-day prices. Data as of Nov 4, 2026. Updated every trading night. Report a data error

OVL returns by window: total return, cash paid and price change
Window	Total return	Cash paid	Price	VOO	Ahead or behind
1M Oct 5 – Nov 4, 2026	−1.4%	0.9%	−2.3%	−1.1%	−0.3 pts
3M Aug 5 – Nov 4, 2026	−0.5%	2.6%	−3.1%	−0.1%	−0.4 pts
6M May 6 – Nov 4, 2026	+4.4%	5.2%	−0.9%	+5.0%	−0.6 pts
YTD Dec 31, 2025 – Nov 4, 2026	+15.0%	9.0%	+5.4%	+13.4%	+1.6 pts
1Y Nov 4, 2025 – Nov 4, 2026	+17.2%	9.9%	+6.6%	+14.8%	+2.4 pts
3Y Nov 3, 2023 – Nov 4, 2026	+92.6%	23.9%	+64.0%	+83.3%	+9.3 pts
5Y Nov 5, 2021 – Nov 4, 2026	+75.7%	26.8%	+38.6%	+75.5%	+0.2 pts
Since launch Oct 1, 2019 – Nov 4, 2026	+204.4%	51.2%	+126.8%	+190.0%	+14.4 pts
Since launch, annualised Oct 1, 2019 – Nov 4, 2026	+17.0%	–	–	–	–

Total returns, distributions reinvested.

Source: Tiingo end-of-day prices, with distributions reinvested.

Where the return came from

OVL

−1.4%

VOO

−1.1%

About even with VOO OVL over 1 month: paid 0.9%, price −2.3%, total −1.4%, VOO −1.1%, −0.3 pts. Data to Nov 4, 2026. VOO −1.1% OVL −1.4% about even with VOO Total return, distributions reinvested About even with VOO OVL over 1 month: paid 0.9%, price −2.3%, total −1.4%, VOO −1.1%, −0.3 pts. Data to Nov 4, 2026. VOO −1.1% OVL −1.4% about even with VOO Over the 1 month to Nov 4, 2026, OVL returned −1.4% with distributions reinvested and Vanguard S&P 500 ETF (VOO) returned −1.1%, so a holder came out behind it by 0.3 points. The lighter segment is the 0.9% that arrived as cash rather than as price.

Price change −2.3%Cash paid +0.9%, reinvested−0.3 pts vs VOO

0.0%

OVL

−0.5%

VOO

−0.1%

About even with VOO OVL over 3 months: paid 2.6%, price −3.1%, total −0.5%, VOO −0.1%, −0.4 pts. Data to Nov 4, 2026. VOO −0.1% OVL −0.5% about even with VOO Total return, distributions reinvested About even with VOO OVL over 3 months: paid 2.6%, price −3.1%, total −0.5%, VOO −0.1%, −0.4 pts. Data to Nov 4, 2026. VOO −0.1% OVL −0.5% about even with VOO Over the 3 months to Nov 4, 2026, OVL returned −0.5% with distributions reinvested and Vanguard S&P 500 ETF (VOO) returned −0.1%, so a holder came out behind it by 0.4 points. The lighter segment is the 2.6% that arrived as cash rather than as price.

Price change −3.1%Cash paid +2.6%, reinvested−0.4 pts vs VOO

0.0%

OVL

+4.4%

VOO

+5.0%

0.6 pts behind VOO OVL over 6 months: paid 5.2%, price −0.9%, total +4.4%, VOO +5.0%, −0.6 pts. Data to Nov 4, 2026. VOO +5.0% OVL +4.4% 5.2% of it arrived as cash 0.6 pts behind VOO Total return, distributions reinvested 0.6 pts behind VOO OVL over 6 months: paid 5.2%, price −0.9%, total +4.4%, VOO +5.0%, −0.6 pts. Data to Nov 4, 2026. VOO +5.0% OVL +4.4% 5.2% as cash 0.6 pts behind VOO Over the 6 months to Nov 4, 2026, OVL returned +4.4% with distributions reinvested and Vanguard S&P 500 ETF (VOO) returned +5.0%, so a holder came out behind it by 0.6 points. The lighter segment is the 5.2% that arrived as cash rather than as price.

Price change −0.9%Cash paid +5.2%, reinvested−0.6 pts vs VOO

0.0%

OVL

+17.2%

VOO

+14.8%

2.4 pts ahead of VOO OVL over 1 year: paid 9.9%, price +6.6%, total +17.2%, VOO +14.8%, +2.4 pts. Data to Nov 4, 2026. VOO +14.8% OVL +17.2% 9.9% of it arrived as cash 2.4 pts ahead of VOO Total return, distributions reinvested 2.4 pts ahead of VOO OVL over 1 year: paid 9.9%, price +6.6%, total +17.2%, VOO +14.8%, +2.4 pts. Data to Nov 4, 2026. VOO +14.8% OVL +17.2% 9.9% cash 2.4 pts ahead of VOO Over the 1 year to Nov 4, 2026, OVL returned +17.2% with distributions reinvested and Vanguard S&P 500 ETF (VOO) returned +14.8%, so a holder came out ahead of it by 2.4 points. The lighter segment is the 9.9% that arrived as cash rather than as price.

Price change +6.6%Cash paid +9.9%, reinvested+2.4 pts vs VOO

OVL

+92.6%

VOO

+83.3%

9.3 pts ahead of VOO OVL over 3 years: paid 23.9%, price +64.0%, total +92.6%, VOO +83.3%, +9.3 pts. Data to Nov 4, 2026. VOO +83.3% OVL +92.6% 23.9% as cash 9.3 pts ahead of VOO Total return, distributions reinvested 9.3 pts ahead of VOO OVL over 3 years: paid 23.9%, price +64.0%, total +92.6%, VOO +83.3%, +9.3 pts. Data to Nov 4, 2026. VOO +83.3% OVL +92.6% 9.3 pts ahead of VOO Over the 3 years to Nov 4, 2026, OVL returned +92.6% with distributions reinvested and Vanguard S&P 500 ETF (VOO) returned +83.3%, so a holder came out ahead of it by 9.3 points. The lighter segment is the 23.9% that arrived as cash rather than as price.

Price change +64.0%Cash paid +23.9%, reinvested+9.3 pts vs VOO

OVL

+204.4%

VOO

+190.0%

14.4 pts ahead of VOO OVL since launch: paid 51.2%, price +126.8%, total +204.4%, VOO +190.0%, +14.4 pts. Data to Nov 4, 2026. VOO +190.0% OVL +204.4% 51.2% as cash 14.4 pts ahead of VOO Total return, distributions reinvested 14.4 pts ahead of VOO OVL since launch: paid 51.2%, price +126.8%, total +204.4%, VOO +190.0%, +14.4 pts. Data to Nov 4, 2026. VOO +190.0% OVL +204.4% 14.4 pts ahead of VOO From launch to Nov 4, 2026, OVL returned +204.4% with distributions reinvested and Vanguard S&P 500 ETF (VOO) returned +190.0%, so a holder came out ahead of it by 14.4 points. The lighter segment is the 51.2% that arrived as cash rather than as price.

Price change +126.8%Cash paid +51.2%, reinvested+14.4 pts vs VOO

81.7

IQ Income ScoreETFIQ Distribution Coverage Score31st of 167 · Nov 4, 2026

0.3 · lowest of 167 income ETFs not writing on a single company99.7 · highest

How much of its payouts the fund's total return covered, ranked against 167 income ETFs not writing on a single company. 100 is best. How it is computed

OVL paid 9.9% in cash over the year and returned 17.2% in total, more than it paid out.

total return as a share of the cash paid173.7% · 82nd pct

All 167 ranked by this score →

Money in and out

Monthly data · as of Aug 31, 2026

OVL: in the month to Aug 31, 2026, net $72.5m came in, by its SEC filing.

12 months

+$234m

138.9% of $169m on Aug 31, 2025
Sep 1, 2025 to Aug 31, 2026
monthly, from SEC filings

3 years

+$195m

123.3% of $158m on Aug 31, 2023
Sep 1, 2023 to Aug 31, 2026
monthly, from SEC filings

5 years

+$186m

92.4% of $201m on Aug 31, 2021
Sep 1, 2021 to Aug 31, 2026
monthly, from SEC filings

Since Mar 2020

+$280m

Mar 1, 2020 to Aug 31, 2026
monthly, from SEC filings

Computed by ETFIQ from the monthly sales and redemptions OVL files with the SEC on Form N-PORT.

How this is computed

ETFIQ reads no daily data for this fund, so its flows are monthly, and the latest month filed is Aug 2026. Every day and month ETFIQ holds for OVL, back to Mar 2020, is in its flows file. Flows across every fund · How these flows are computed · Compare OVL with other funds in the flows tool

Month by month, money in and money outSep 2023 to Aug 2026

in, up to +$73m

out, down to −$70mSep 2023Aug 2026

OVL, money in and money out each month from Sep 2023 to Aug 2026: two bars a month, money in above the line and money out below. Every bar is from OVL’s SEC filings (N-PORT item B.6). Of the 36 months listed, money came in on net in 21 and went out in 15.

Every bar is from OVL’s SEC filings (N-PORT item B.6). Of the 36 months listed, money came in on net in 21 and went out in 15.

MonthInOutNet

Aug 2026 SEC Form N-PORT+$72.5m$0+$72.5m

Jul 2026 SEC Form N-PORT+$44.5m$0+$44.5m

Jun 2026 SEC Form N-PORT+$38.4m$0+$38.4m

May 2026 SEC Form N-PORT+$46.5m−$2.3m+$44.2m

Apr 2026 SEC Form N-PORT+$38.2m$0+$38.2m

Mar 2026 SEC Form N-PORT+$6.2m−$7.7m−$1.4m

Feb 2026 SEC Form N-PORT$0−$5.9m−$5.9m

Jan 2026 SEC Form N-PORT+$4.9m−$3.8m+$1.1m

Dec 2025 SEC Form N-PORT+$5.3m−$2.2m+$3.2m

Nov 2025 SEC Form N-PORT+$12.6m−$16.5m−$3.9m

Oct 2025 SEC Form N-PORT+$2.1m−$1.6m+$548k

Sep 2025 SEC Form N-PORT+$3.1m$0+$3.1m

Aug 2025 SEC Form N-PORT+$995k−$5.9m−$4.9m

Jul 2025 SEC Form N-PORT+$8.3m−$69.1m−$60.8m

Jun 2025 SEC Form N-PORT+$6.6m−$466k+$6.1m

May 2025 SEC Form N-PORT+$20.7m−$2.3m+$18.4m

Apr 2025 SEC Form N-PORT+$12.7m−$32.2m−$19.5m

Mar 2025 SEC Form N-PORT+$44.0m$0+$44.0m

Feb 2025 SEC Form N-PORT+$5.3m−$40.6m−$35.3m

Jan 2025 SEC Form N-PORT+$42.6m−$928k+$41.6m

Dec 2024 SEC Form N-PORT+$4.4m−$39.2m−$34.9m

Nov 2024 SEC Form N-PORT+$38.8m−$36.4m+$2.3m

Oct 2024 SEC Form N-PORT+$7.4m$0+$7.4m

Sep 2024 SEC Form N-PORT+$44.6m−$37.3m+$7.4m

Aug 2024 SEC Form N-PORT+$38.1m−$3.4m+$34.8m

Jul 2024 SEC Form N-PORT+$894k−$29.1m−$28.2m

Jun 2024 SEC Form N-PORT+$867k$0+$867k

May 2024 SEC Form N-PORT+$25.6m−$2.1m+$23.5m

Apr 2024 SEC Form N-PORT+$43.6m−$45.5m−$1.9m

Mar 2024 SEC Form N-PORT+$1.2m−$23.9m−$22.6m

Feb 2024 SEC Form N-PORT+$22.0m−$23.6m−$1.6m

Jan 2024 SEC Form N-PORT+$14.4m−$1.9m+$12.5m

Dec 2023 SEC Form N-PORT+$5.6m−$8.5m−$2.9m

Nov 2023 SEC Form N-PORT+$7.0m−$39.0m−$32.0m

Oct 2023 SEC Form N-PORT+$12.6m−$5.1m+$7.5m

Sep 2023 SEC Form N-PORT+$4.5m−$6.1m−$1.7m

Most recent first.

How this is computed

N-PORT months: money in is sales plus reinvestments; money out is redemptions.

N-PORT months are the filed sales plus reinvestments less redemptions. Later months add up the daily data; the Source column names any missing day.

Source: ETFIQ, from the fund’s SEC N-PORT filings. Data as of Aug 31, 2026. Updated when the fund files its next report.

OVL key stats

52-week high, daily closes to Nov 4, 2026 (ETFIQ)$58.58 on Aug 13, 2026

52-week low, daily closes to Nov 4, 2026 (ETFIQ)$48.67 on Mar 30, 2026

Close on Nov 4, 2026, within that range (ETFIQ)$56.07, 75% of the way from the low to the high

Beta to its benchmark, 1 year (ETFIQ)1.17, against VOO

R-squared, the same days (ETFIQ)0.97

Beta and R-squared measured over251 daily total returns, Nov 5, 2025 to Nov 4, 2026

Range, beta and R-squared computed by ETFIQ from Tiingo daily prices.

OVL return of capital and tax

Return of capital, latest notice (Overlay Shares estimate, Oct 29, 2026)100.0%

Return of capital, distributions paid Dec 24, 2025 to Oct 29, 2026 (Overlay Shares estimates)100.0%

Notices behind that number11 of 11 distributions

Return of capital, fiscal year to Aug 31, 2025 (annual report, filed Nov 4, 2025)82.5%

Options it writes (holdings as of Aug 31, 2026)Options on the Vanguard S&P 500 ETF index, which are Section 1256 contracts

Estimates are Overlay Shares’s Rule 19a-1 notices, made before the fund year closes. The fiscal year number is the annual report’s tax character. Not tax advice. What a 19a-1 estimate is · Income ETFs by return of capital

Trading

as of Nov 4, 2026

Trading · OVLas of Nov 4, 2026

Not scored2 of 6 measured · Nov 4, 2026

0 · Hard to tradeIQ Liquidity Score100 · Trades like a giant

Cost for your order · one way, half its 30-day median spread

How to tradeSpread not read.

Full trading page: components, premium history, dealers →

OVL for holders outside the US

US tax withheld on dividends, no treaty30%

Treaty rates on dividends (IRS table, read Oct 30, 2026)65 countries, 10% to 30%

OVL interest-related and short-term gain dividendsnot read by ETFIQ

US estate tax filing threshold, non-resident holders$60,000

Share classDistributing

Treaty rate on dividends by country

OVL is a US fund. Stock of US corporations counts as US property for a non-resident's estate. Facts from the IRS, not tax advice. How withholding and treaties work

$0.39

$0.50

$0.49

Distributions per share for OVL 13 distributions for OVL, $0.3896 to $0.4976 a share and $0.4706 in the middle, Jul 3, 2025 to Oct 28, 2026. 1 further ex-date is expected with no amount the issuer has declared, so it is not drawn. $0.4706 the middle one Jul 3, 2025 Oct 28, 2026 $0.4976 a share at the highest

Jul 2025Monthly, per shareOct 2026

13 distributions for OVL, $0.3896 to $0.4976 a share and $0.4706 in the middle, Jul 3, 2025 to Oct 28, 2026. 1 further ex-date is expected with no amount the issuer has declared, so it is not drawn.

Latest

$0.494

Ex Oct 28, 2026 · paid about 2 days later

Annualized

10.6%

At its price on Nov 4, 2026

Trailing 12 months

9.3%

11 payments, ex Dec 23, 2025 to Oct 28, 2026: $5.2182

Return of capital

100.0%

Latest payout (Overlay Shares estimate)

Next, projected

OVL pays monthly. The last distribution was $0.494 a share, which went ex on Oct 28, 2026, with payment about 2 days later. The next has not been declared. On its own cadence of about 30 days the ex-date falls near Nov 27, 2026; that date is an ETFIQ projection, not the issuer’s.

Nov 27, 2026 · pay Nov 30, 2026$0.494 ETFIQ projection

Expected distributions for OVL. A projected row carries the fund’s own spacing forward from its last ex-date, at the last amount paid. Neither is an issuer statement. Source: ETFIQ.

Every income ETF going ex-dividend in the next 14 days →

Every distribution ETFIQ holds for OVL (13, most recent first)

Oct 28, 2026$0.494

Sep 29, 2026$0.4935

Aug 27, 2026$0.4944

Jul 29, 2026$0.4875

Jun 26, 2026$0.4851

May 27, 2026$0.4976

Apr 28, 2026$0.469

Mar 27, 2026$0.4411

Feb 25, 2026$0.4655

Jan 28, 2026$0.4706

Dec 23, 2025$0.4199

Oct 3, 2025$0.4099

Jul 3, 2025$0.3896

Cash distributions per share for OVL. Source: ETFIQ from Tiingo end-of-day distributions.

Source: ETFIQ, from Tiingo end-of-day distributions.

How much of what it paid out did its total return cover?

Total return as a share of the cash paid

−272.3% to 2,333.3% across 167

That is the share of the 167 income ETFs not writing on a single company sitting at or below OVL.

One year only, and a ratio of two published numbers: it says nothing about where a distribution came from. Where the fund sits in this set, not a rating. Do not average it with another category's score.

Total return as a share of the cash paid: 173.7% · 82nd pct, −272.3% to 2,333.3% across 167.

Covered the mostOne bar per fund · OVL in whiteCovered the least

All income ETFs ranked by this score →

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

About OVL

Strategyput-selling overlay

BenchmarkVanguard S&P 500 ETF (VOO)

How the benchmark is set (ETFIQ)100.0% of its net assets is VOO, by its holdings of Aug 31, 2026.

Paysmonthly

Net assets (SEC filing, whole fund, as filed for Aug 31, 2026)$427mReport

Latest payout, annualized (ETFIQ)10.6%

Expense ratio (485BPOS XBRL, Dec 23, 2025)0.79%Report

Cash paid, last 12 months, over today’s price (ETFIQ)9.3%

First tradedOct 1, 2019

Return of capital, latest distribution (Overlay Shares 19a-1 estimate)100.0%

Paysmonthly

Typical gap between ex-dates30 days

Typical wait from ex-date to payment2 days

Last paid, per share$0.494 ex Oct 28, 2026

Cash paid in the 12 months to Nov 4, 2026, 11 distributions, ex Dec 23, 2025 to Oct 28, 2026$5.2182

How we measure

Every number 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. Method

IQ Investment Committee on OVL

12 seats on OVL, as of Nov 4, 2026: 1 Supports, 6 Challenges, 4 Not enough data, 1 Does not apply.

In the tradition ofJohn BogleBogle-style Low CostChallenges

In the tradition ofBenjamin GrahamGraham-style Margin of SafetyDoes not apply

In the tradition ofWarren Buffett & Charlie MungerBuffett & Munger-style QualityNot enough data

In the tradition ofPeter LynchLynch-style Growth at a Reasonable PriceNot enough data

In the tradition ofJohn TempletonTempleton-style Global ContrarianNot enough data

In the tradition ofRay DalioDalio-style All-WeatherChallenges

In the tradition ofHoward MarksMarks-style Cycles & RiskChallenges

In the tradition ofStanley DruckenmillerDruckenmiller-style Macro & LiquidityChallenges

In the tradition ofDavid SwensenSwensen-style DiversificationChallenges

In the tradition ofCathie WoodWood-style Disruptive InnovationNot enough data

In the tradition ofJesse LivermoreLivermore-style Trend FollowingSupports

Uses ETFIQ’s measuresThe ETFIQ SkepticETFIQ’s own seatChallenges

Put OVL to the committee →See all seats →No investor named is affiliated with or endorses ETFIQ. Not investment advice.

Questions people ask about OVL

How much has OVL paid over the last year?: Over the year to Nov 4, 2026, OVL paid 9.9% of its starting price in cash distributions, while the price rose 6.6%.
Is OVL ahead of VOO?: Over the year to Nov 4, 2026, with every distribution reinvested, OVL returned +17.2% against +14.8% for Vanguard S&P 500 ETF (VOO), so a holder was ahead of it by 2.4 points.
How often does OVL pay, and how much?: OVL pays monthly. The latest distribution annualizes to 10.6% at its price on Nov 4, 2026, which is not a promise; the next one can differ.
Is the OVL distribution return of capital?: Overlay Shares estimates 100% of the distribution paid Oct 29, 2026 was return of capital. That is a tax characterization from the fund's own 19a-1 notice, not a measure of erosion.
When does OVL next pay a distribution?: OVL pays monthly. The last distribution went ex on Oct 28, 2026 at $0.494 a share. The next is not declared; on a cadence of about 30 days the ex-date falls near Nov 27, 2026, which is an ETFIQ projection. Payment usually follows the ex-date by 2 days.
What does OVL cost?: The prospectus expense ratio is 0.79% a year.
How much of OVL’s distribution is return of capital?: Overlay Shares’s Rule 19a-1 notice estimates 100.0% of the distribution paid Oct 29, 2026 was return of capital. Across its notices for distributions paid Dec 24, 2025 to Oct 29, 2026, the estimate is 100.0%. The annual report for the fiscal year to Aug 31, 2025 puts it at 82.5% of distributions. Estimates come before the fund year closes and often change.

Sources and dates

Prices, OVL and VOOTiingo end-of-day · Nov 4, 2026

Fee, 0.79%Prospectus filing with the expense ratio (SEC) ↗

Net assets, $427mSEC filing, whole fund · Aug 31, 2026

Return of capitalOverlay Shares 19a-1 distribution notice ↗

DistributionsTiingo end-of-day · 13 payments

All fund filingsFund filings on SEC EDGAR ↗

IssuerOverlay Shares website ↗

Overlay Shares 19a-1 distribution notice ↗

Links are sources, not endorsements.

Method →Standards and sources →Open data →

Cite this pageCitation, APA and Markdown

ETFIQ, OVL, income ETFs, data as of Nov 4, 2026. https://etfiq.com/funds/ovl

The payout bar for OVL, redrawn every trading night.

Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms. The underlying files are at Open data.

Total return

Price change plus every distribution reinvested on the day it went ex-dividend. This is what you actually ended up with, and the only fair basis for comparing with an index.

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

Total return minus benchmark total return, in percentage points. A fund can pay 12% a year and still be behind by 10 points if its price fell while the index rose.

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

The fund owns the stocks and sells call options on them, collecting premium and giving up gains above the strike. Synthetic covered call funds hold options instead of the stocks. 0DTE funds sell options that expire the same day.

Autocallable

A fund that pays a coupon and can be called away early, on dates set when it launched. If it is called, you get your money back with the coupon and the run ends. If it is not, it runs on to the next date.

Barrier

The level the underlying has to stay above for you to be repaid in full. A barrier is not a buffer. A buffer takes the first slice of a fall for you; a barrier takes none of it once it breaks, so below it you take the whole fall rather than only the part past it.

Full definitions: income ETFs vocabulary page. →

1st of 13 income ETFs measured against VOO, by return against it→49th of 372 income ETFs by net assets→Overlay Shares ETFs: Every Fund and Its Fee→Every income ETF measured against VOO→Income ETFs by return of capital→Income ETFs by return of capital, fiscal year→OVL in Korean (한국어)→

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OVL: OVL over 1 year: paid 9.9%, price +6.6%, total +17.2%, VOO +14.8%, +2.4 pts. Data to Nov 4, 2026.

<figure style="margin:0;max-width:640px">
<iframe src="https://etfiq.com/embed/income/ovl/" title="OVL: OVL over 1 year: paid 9.9%, price +6.6%, total +17.2%, VOO +14.8%, +2.4 pts. Data to Nov 4, 2026." width="640" height="370" loading="lazy" style="border:0;max-width:100%;width:100%"></iframe>
<figcaption style="font:13px/1.5 sans-serif">OVL: OVL over 1 year: paid 9.9%, price +6.6%, total +17.2%, VOO +14.8%, +2.4 pts. Data to Nov 4, 2026. Data: <a href="https://etfiq.com/funds/ovl">ETFIQ</a></figcaption>
</figure>

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