Overlay Shares Large Cap Equity ETF
OVL
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- Overlay Shares Large Cap Equity ETF (OVL) is an actively managed exchange-traded fund that seeks to provide exposure to large cap U.S. equities with higher current income and total return relative to the S&P 500 Total Return Index through a put spread option overlay strategy; the fund primarily invests in a diversified portfolio tracking the S&P 500 Index while selling short-term put options and buying longer-term protective put options on the index to generate option premiums for income enhancement and risk management. Core offerings include large blend equity exposure via S&P 500-linked holdings, option premium collection from put selling activities, and active risk management features that complement traditional value and growth investment factors; it provides highly liquid, transparent access to broad U.S. large cap market opportunities with a total expense ratio of 0.79% and recent net assets of approximately $183 million. Launched on September 30, 2019, and listed on the Cboe BZX exchange, OVL is managed by Liquid Strategies, LLC, an Atlanta, Georgia-based investment adviser located at 3550 Lenox Rd NE, Suite 2550, which also advises a suite of Overlay Shares ETFs including small cap equity (OVS), foreign equity (OVF), hedged large cap equity (OVLH), core bond (OVB), short term bond (OVT), and municipal bond (OVM) funds, all part of the Listed Funds Trust and distributed by Foreside Fund Services, LLC. The fund targets institutional and retail investors seeking income-generating equity strategies in the U.S. large blend category. In recent developments, Overlay Shares announced on November 30, 2025, a significant strategic change for its related Overlay Shares Hedged Large Cap Equity ETF (OVLH), effective December 31, 2025, shifting its investment objective to long-term capital appreciation with market risk mitigation by eliminating put option selling for income generation, reflecting evolving overlay strategy adaptations across the product lineup amid market conditions.