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OVTOverlay Shares Short Term Bond ETF

Get incomeTake a bet5y track recordRanked #348 of 949 in this goal

Seeks total return.

By Overlay Shares · Launched 2021

Annual Cost

0.79%

#4,208 of 5,854 · expensive

Fund Size

$61M

#3,450 of 5,854 · mid-size

Dividend YieldGoal

8.72%

Track Record

5 years

#2,229 of 5,854 · seasoned

Performance

Total-return NAV · USD
Growth of $10,000
$10,576+5.8%

Total-return NAV, USD. Net of fund fees, before tax.

What's inside

How Beacon categorizes this fund

Asset class

Fixed income

Strategy

Option income

What it actually holds

By weight

Concentration

Top 10 holdings = 110.7% of fundconcentrated

Vanguard Short-Term Corporate
99.9%
Mount Vernon Liquid Assets Portfolio, LLC
10.9%
N/ASPXW 3 P6450
0.0%
N/ASPXW 3 P6500
0.0%
N/ASPXW 3 P6500
0.0%
N/ASPXW 3 P6500
0.0%
N/ASPXW 3 P6700
-0.0%
N/ASPXW 3 P6700
-0.0%
N/ASPXW 3 P6700
-0.0%
N/ASPXW 3 P6650
-0.0%

Asset allocation

Bonds
97.0%
Cash
3.6%
Other
0.1%

Risk profile

Last 12 months · Sharpe & Sortino need 3+ years
Volatility (1Y)
3.7%Low

Year-on-year price swings

Max drawdown
-13.6%Mild

Worst peak-to-trough loss

Sharpe (3Y)
0.75Decent risk-adjusted returns
Sortino (3Y)
1.08Good downside protection

Bond profile

Duration

4.3 years

Avg maturity

9.9 years

Credit ratings

US Government
0.4%
AAA
0.7%
AA
8.0%
A
45.9%
BBB
45.5%

Listing

Exchange
Cboe BZX

Full fund details

Objective
Seeks total return.
Strategy
Actively manages an ETF investing in short-term, investment grade, U.S. dollar-denominated, fixed-rate taxable bonds with a maximum maturity of five years. Utilizes put spreads to generate income, focusing on equity index options to mitigate volatility and achieve targeted returns.
Inception date
January 14, 2021
Fund family
Overlay Shares

Our take

Structural notes on how this fund behaves. Read our guide on the 6 warning signs.

Covered call
Warning

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 2026-08-03