OVMOverlay Shares Municipal Bond ETF
Seeks total return.
By Overlay Shares · Launched 2019
0.81%
#4,396 of 5,861 · expensive
$43M
#3,799 of 5,861 · mid-size
6.55%
6 years
#1,930 of 5,861 · established
Performance
Total-return NAV · USDTotal-return NAV, USD. Net of fund fees, before tax.
What's inside
How Beacon categorizes this fundWhat it actually holds
By weightConcentration
Top 10 holdings = 130.7% of fundconcentrated
Asset allocation
Risk profile
Last 12 months · Sharpe & Sortino need 3+ yearsYear-on-year price swings
Worst peak-to-trough loss
Bond profile
Duration
4.7 years
Avg maturity
10.5 years
Credit ratings
Listing
- Exchange
- Cboe BZX
Full fund details
- Objective
- Seeks total return.
- Strategy
- Actively manages a portfolio primarily invested in investment grade and below investment grade municipal bonds, utilizing an Overlay Strategy that includes selling and purchasing short-term put options to generate income. Focuses on achieving total return through exposure to municipal bonds and options on equity indices.
- Inception date
- September 30, 2019
- Fund family
- Overlay Shares
Similar funds
Same asset class, closest by strategy & exposureOur take
Structural notes on how this fund behaves. Read our guide on the 6 warning signs.
The big yield isn't extra money
The headline distribution comes from selling call options, which caps the fund's upside. Across a full market cycle that trade costs more than it brings in — often 1 to 3 percentage points a year against just holding the index. Monthly payouts make the gap easy to miss on a return summary.
Sources: Israelov & Ndong, 'A Devil's Bargain: When Generating Income Undermines Investment Returns' (NDVR, 2023)
Educational analysis of structural product characteristics. Not investment advice. Always read the fund prospectus and consult a qualified advisor before investing. More
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Data updated on 2026-08-04