OVM: Overlay Shares Municipal Bond ETF
Overlay Shares (Liquid Strategies) · Bonds / Fixed Income · Tracks Municipal Bonds
Growth of $100
Green is what an investor who reinvested every payout would have; red is the price alone. The gap between them is the income. If the red line keeps falling, the payouts are partly your own money coming back.
Was the payout earned?
Over the last year OVM paid 5.8% but returned +3.0% in total, so about 53% of the payout was earned; the rest came back out of the fund's own value (its price fell).
| Earned % (3 months) | -89% |
| Earned % (1 year) | 53% |
| Earned % (full history, up to 5 yrs) | 15% |
Earned % = total return ÷ payouts. 100% means every dollar paid out was earned; below 100% means part of it came from the fund's own value. This is an economic measure based on market price, not the tax label on the payout.
Where the DT Score comes from
Total 44.4 / 100 · rank #196 of 420. How the score works
Risk
| Sortino ratio (1Y) | -0.24 |
| Sharpe ratio (1Y) | -0.17 |
| Steadiness vs S&P 500 | 241% |
| Beta to S&P 500 | 0.24 |
| Correlation to S&P 500 | 0.59 |
| Max drop (1Y) | -6.4% |
| Max drop (up to 5 yrs) | -15.6% |
| Trend | Mixed |
| History | 5.0 yrs |
Vs. MUB (what it's built on)
| Upside capture | 132% |
| Downside capture | 125% |
| Capture ratio | 1.05 |
| Beta | 1.17 |
| Correlation | 0.78 |
| Tracking | Loosely |
On days MUB rose, OVM caught 132% of the gain; on days it fell, OVM took 125% of the loss.
Payout history
Each bar is one payout (last 27 shown). Pays Monthly.
| Ex-date | Amount |
|---|---|
| 2026-10-28 | $0.0910 |
| 2026-09-29 | $0.0930 |
| 2026-08-27 | $0.0920 |
| 2026-07-29 | $0.0910 |
| 2026-06-26 | $0.0920 |
| 2026-05-27 | $0.0950 |
| 2026-04-28 | $0.0930 |
| 2026-03-27 | $0.0930 |
| 2026-02-25 | $0.0940 |
| 2026-01-28 | $0.0930 |
| 2025-12-23 | $0.2810 |
| 2025-10-03 | $0.3070 |
Funds that track the same thing
Other Municipal Bonds income funds, ranked by DT Score. See them all · Compare OVM with the top 3
| Fund | Category | Fwd rate | 12m yield | 1Y total ret. | Earned % 1Y | Upside capt. | Downside capt. | Tracking | DT Score | Momentum | Trend |
|---|---|---|---|---|---|---|---|---|---|---|---|
| NVG Nuveen AMT-Free Municipal Credit Income Fund | CEF - Fixed Income | 8.2% | 8.2% | -0.2% | -3% | 229% | 240% | Weakly | 35 | 46 | Mixed |
| YYYM Amplify Municipal CEF High Income ETF | Fund of Funds / Multi-Strategy | 6.9% | 4.3% | – | – | 168% | 186% | Weakly | – | 51 | Up (short history) |
About OVM
| Issuer | Overlay Shares (Liquid Strategies) |
| Structure | ETF |
| Category | Bonds / Fixed Income |
| Strategy | Muni bond ETFs plus options overlay |
| Underlying | Muni bond ETFs |
| Exposure | Bonds / Treasuries |
| Index linkage | Partial - options/overlay on index |
| Pays | Monthly |
| Expense ratio | 0.81% |
| Launched | 2019-09 |
| Uses leverage | No |
| Upside capped | No |
| Rate sensitivity | High |
| Return of capital common | No |
| Tax notes | Muni income often federally tax-exempt; overlay income taxable |
Research notes: Verify.
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