OVS: Overlay Shares Small Cap Equity ETF
Overlay Shares (Liquid Strategies) · Fund of Funds / Multi-Strategy · Tracks Russell 2000
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 OVS paid 10.3% and returned +20.2% in total, so the payout was fully earned and the fund also kept (or grew) its value.
| Earned % (3 months) | below -100% |
| Earned % (1 year) | 164% |
| Earned % (full history, up to 5 yrs) | 80% |
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 70.8 / 100 · rank #41 of 420. How the score works
Risk
| Sortino ratio (1Y) | 1.14 |
| Sharpe ratio (1Y) | 0.78 |
| Steadiness vs S&P 500 | 74% |
| Beta to S&P 500 | 1.10 |
| Correlation to S&P 500 | 0.81 |
| Max drop (1Y) | -9.9% |
| Max drop (up to 5 yrs) | -30.5% |
| Trend | Downtrend |
| History | 5.0 yrs |
Vs. IWM (what it's built on)
| Upside capture | 93% |
| Downside capture | 88% |
| Capture ratio | 1.06 |
| Beta | 0.92 |
| Correlation | 0.94 |
| Tracking | Closely |
On days IWM rose, OVS caught 93% of the gain; on days it fell, OVS took 88% of the loss.
Payout history
Each bar is one payout (last 27 shown). Pays Monthly.
| Ex-date | Amount |
|---|---|
| 2026-10-28 | $0.3400 |
| 2026-09-29 | $0.3430 |
| 2026-08-27 | $0.3610 |
| 2026-07-29 | $0.3620 |
| 2026-06-26 | $0.3500 |
| 2026-05-27 | $0.3480 |
| 2026-04-28 | $0.3480 |
| 2026-03-27 | $0.3200 |
| 2026-02-25 | $0.3280 |
| 2026-01-28 | $0.3340 |
| 2025-12-23 | $0.4770 |
| 2025-10-03 | $0.3110 |
Funds that track the same thing
Other Russell 2000 income funds, ranked by DT Score. See them all · Compare OVS with the top 3
| Fund | Category | Fwd rate | 12m yield | 1Y total ret. | Earned % 1Y | Upside capt. | Downside capt. | Tracking | DT Score | Momentum | Trend |
|---|---|---|---|---|---|---|---|---|---|---|---|
| RYLD Global X Russell 2000 Covered Call ETF | Index Covered Call / Option Income | 12.6% | 12.3% | +11.8% | 90% | 50% | 46% | Loosely | 75 | 45 | Downtrend |
| IWMI NEOS Russell 2000 High Income ETF | Index Covered Call / Option Income | 15.5% | 15.1% | +15.0% | 90% | 80% | 77% | Closely | 74 | 34 | Downtrend |
| ITWO ProShares Russell 2000 High Income ETF | Index Covered Call / Option Income | 6.5% | 7.4% | +16.8% | 185% | 100% | 99% | Closely | 63 | 28 | Downtrend |
| IWMW iShares IWM Premium Income+ ETF (formerly Russell 2000 BuyWrite) | Index Covered Call / Option Income | 17.2% | 20.1% | +10.3% | 48% | 62% | 61% | Closely | 61 | 39 | Downtrend |
| RDTY YieldMax R2000 0DTE Covered Call Strategy ETF | 0DTE / Daily Option Income | 37.1% | 44.2% | +13.9% | 35% | 87% | 85% | Closely | 55 | 35 | Downtrend |
| RDTE Roundhill Russell 2000 0DTE Covered Call Strategy ETF | 0DTE / Daily Option Income | 25.3% | 43.0% | +13.0% | 32% | 89% | 88% | Closely | 52 | 30 | Downtrend |
| IWMY Defiance R2000 Weekly Distribution ETF | 0DTE / Daily Option Income | 31.0% | 37.7% | +5.4% | 13% | 81% | 87% | Closely | 43 | 21 | Downtrend |
| SMDV ProShares Russell 2000 Dividend Growers ETF | Equity Income / Dividend Growth | 2.3% | 2.4% | +17.0% | 583% | 49% | 41% | Weakly | – | – | Uptrend |
| CALF Pacer US Small Cap Cash Cows 100 ETF | Equity Income / Dividend Growth | 1.4% | 1.1% | +33.9% | 999%+ | 57% | 37% | Weakly | – | – | Uptrend |
| ACRT ProShares Russell 2000 Autocallable Income ETF | Autocallable / Structured Income | – | 2.6% | – | – | 106% | 108% | Closely | – | – | Down (short history) |
About OVS
| Issuer | Overlay Shares (Liquid Strategies) |
| Structure | ETF |
| Category | Fund of Funds / Multi-Strategy |
| Strategy | ETF-of-ETFs small-cap with options overlay |
| Underlying | Small-cap ETFs |
| Exposure | Small Caps |
| Index linkage | Partial - options/overlay on index |
| Pays | Monthly |
| Expense ratio | 0.83% |
| Launched | 2019-09 |
| Uses leverage | No |
| Upside capped | Yes |
| Rate sensitivity | Low |
| Return of capital common | Sometimes |
| Tax notes | Distributions mix ordinary income (option premium/ELN income), dividends and often ROC; Sec. 1256 treatment possible for index options |
Research notes: Verify yield/AUM.
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