OVLOverlay Shares Large Cap Equity ETF
Seeks total return.
Overlay Shares · Since 2019 (6 years)
0.79%
#3848 out of 5,332 ETFs
$165M
#2267 out of 5,332 ETFs
5.92%
6 years
#2008 out of 5,332 ETFs
Performance
1 Year
+36.9%
3 Years
+25.0%
5 Years
+13.6%
What's inside
Asset allocation
Top holdings
Risk profile
14.5%
Moderate
-35.5%
Worst peak-to-trough loss
1.10
Excellent risk-adjusted returns
1.59
Good downside protection
Similar ETFs
Our take
Structural notes on how this fund behaves. Read our guide on the 6 warning signs.
Covered call ETF — yield ≠ total return
The high distribution yield is not free income — it comes from selling upside via call options. Research finds these strategies systematically underperform their underlying index over full cycles, typically by 100–300 basis points per year depending on the option-overlay design. The monthly distributions make the shortfall hard to see in return summaries.
Source: Israelov & Ndong, 'A Devil's Bargain: When Generating Income Undermines Investment Returns' (NDVR, 2023)
Why we flagged this: strategy=option_income + option_income_strategy
Educational analysis of structural product characteristics. Not investment advice. Always read the fund prospectus and consult a qualified advisor before investing. More
Data updated on 2026-05-05