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Trending ETFs

Name

As of 05/17/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$22.02

$20.4 M

4.61%

$1.02

0.88%

Vitals

YTD Return

0.8%

1 yr return

6.0%

3 Yr Avg Return

-0.6%

5 Yr Avg Return

N/A

Net Assets

$20.4 M

Holdings in Top 10

99.8%

52 WEEK LOW AND HIGH

$22.1
$20.05
$22.52

Expenses

OPERATING FEES

Expense Ratio 0.88%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A


Min Investment

Standard (Taxable)

N/A

IRA

N/A


Fund Classification

Fund Type

Exchange Traded Fund


Name

As of 05/17/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$22.02

$20.4 M

4.61%

$1.02

0.88%

OVM - Profile

Distributions

  • YTD Total Return 0.8%
  • 3 Yr Annualized Total Return -0.6%
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 1.19%
DIVIDENDS
  • Dividend Yield 4.6%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name
    Overlay Shares Municipal Bond ETF
  • Fund Family Name
    Overlay Shares
  • Inception Date
    Sep 30, 2019
  • Shares Outstanding
    625000
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    C. Shawn Gibson

Fund Description

The Fund is an actively-managed exchange-traded fund (“ETF”) that seeks to achieve its objective by (i) investing in one or more other ETFs that seek to obtain exposure to the performance of investment grade municipal bonds and below investment grade municipal bonds or directly in the securities held by such ETFs (collectively, the “Underlying Investments”) and (ii) selling and purchasing listed short-term put options to generate income to the Fund (the “Overlay Strategy”).
The Fund’s Overlay Strategy seeks to generate income for the Fund by utilizing a “put spread” consisting of the sale of exchange-listed short-term put options (“Short Puts”) with a notional value (strike price times the value of the shares) up to 100% of the Fund’s net assets and the purchase of an identical number of short-term put options (“Long Puts”) with a lower strike price. The Fund seeks to generate income from the sale and purchase of put options with a lower strike price to hedge against a decline in the options’ reference asset, an index of large-cap securities (the “reference index”).
A put option gives the purchaser of the option, in exchange for the premium paid, the right to sell the underlying asset at a specified price (“strike price”) at a specified date (“expiration date”). In contrast, the seller of a put option, in exchange for the premium received, is obligated to sell the underlying asset at the strike price on the expiration date. In the event the underlying asset declines in value, the value of a put option will generally increase. In the event the underlying asset appreciates in value, the value of a put option will generally decrease. The options sold by the Fund are typically expected to have an expiration date within one to two weeks of their purchase date. The strike price of the Short Puts will typically be less than the value of the reference index at the time such options are sold, and the strike price of the Long Puts will be less than the strike price of the Short Puts. The difference between such strike prices is based on Liquid Strategies, LLC’s (the “Adviser”) judgment as to the level of expected volatility in the market prior to
the options’ expiration. Because the Long Puts will have a lower strike price than the Short Puts, the Long Puts are not expected to completely protect the Fund from a decline in the value of the reference index.
The Fund’s Overlay Strategy is designed to seek to generate a positive return in rising and flat equity markets, and may generate a positive return in equity markets that are modestly declining, assuming the net premium collected from the options sold and purchased exceeds the net cost to close the positions. In an effort to limit losses in declining equity markets, the Fund may reduce its sale of Short Puts and/or purchase of Long Puts with strike prices closer to the strike prices of the Short Puts.
The Fund focuses primarily on equity index options which offer both European settlement (i.e., options can only be exercised at their expiration date) and cash settlement (i.e., options carry an obligation by their seller to pay the difference between their strike price and their settlement value instead of allowing the seller to take delivery of securities).
The potential returns of the Fund are generally limited to the amount of cash (premiums) the Fund receives when selling Short Puts, net of any cash (premiums) paid by the Fund to purchase Long Puts, plus the returns of the ETFs in which the Fund invests. The Fund’s sale and purchase of put options may result in the generation of positive returns for the Fund; however, the loss potential if the strategy is not effective may be greater than the profit potential. The Fund may lose significantly more than the premiums it receives in highly volatile market conditions.
The Adviser employs a disciplined portfolio construction process that relies on guidelines to govern capital allocations based on a quantitative methodology designed by the Adviser to measure the perceived risk of the broad U.S. equity market. In making this determination, the Adviser considers various factors including but not limited to the overall volatility (rate of change) in the markets. The Adviser bases allocation decisions on a combination of quantitative risk metrics and a qualitative assessment of potential risk/reward scenarios, with the ultimate goals of mitigating the effects of volatility in the Fund’s portfolio and maintaining adequate portfolio diversification while seeking to achieve the Fund’s targeted return. The Adviser evaluates the metrics associated with the valuation of options, including volatility, time to expiration and the relationship of the exercise price to the prevailing market price of the reference asset. There can be no guarantee that the Adviser will be successful in implementing the Fund’s strategy. During market conditions in which market volatility rises, the price of options could rise, which, in turn, could have a detrimental effect on the Fund’s performance and achieving its targeted return.
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OVM - Performance

Return Ranking - Trailing

Period OVM Return Category Return Low Category Return High Rank in Category (%)
YTD 0.8% -3.2% 14.5% 12.18%
1 Yr 6.0% -2.2% 30.4% 5.54%
3 Yr -0.6%* -10.7% 2.8% 28.06%
5 Yr N/A* -6.3% 1102.0% 11.00%
10 Yr N/A* -0.6% 248.3% 14.91%

* Annualized

Return Ranking - Calendar

Period OVM Return Category Return Low Category Return High Rank in Category (%)
2023 2.4% -1.4% 41.0% 62.12%
2022 -14.8% -39.7% 0.3% 87.50%
2021 -1.8% -5.6% 6.9% 96.60%
2020 2.0% -2.6% 310.0% 36.83%
2019 N/A 0.0% 26.0% N/A

Total Return Ranking - Trailing

Period OVM Return Category Return Low Category Return High Rank in Category (%)
YTD 0.8% -3.2% 14.5% 12.18%
1 Yr 6.0% -2.2% 30.4% 5.54%
3 Yr -0.6%* -10.7% 2.8% 28.06%
5 Yr N/A* -6.3% 1102.0% N/A
10 Yr N/A* -0.6% 248.3% N/A

* Annualized

Total Return Ranking - Calendar

Period OVM Return Category Return Low Category Return High Rank in Category (%)
2023 7.4% -1.3% 41.0% 12.21%
2022 -11.3% -39.7% 1.1% 78.04%
2021 4.2% -4.8% 23761504.0% 5.33%
2020 6.2% -1.5% 17057.9% 5.31%
2019 N/A 0.2% 3514.6% N/A

OVM - Holdings

Concentration Analysis

OVM Category Low Category High OVM % Rank
Net Assets 20.4 M 3.22 M 71.9 B 98.50%
Number of Holdings 10 2 13067 99.61%
Net Assets in Top 10 20.4 M -317 M 3.56 B 86.51%
Weighting of Top 10 99.78% 2.0% 100.2% 0.46%

Top 10 Holdings

  1. iShares National Muni Bond ETF 99.70%
  2. First American Government Obligations Fund 0.23%
  3. CBOE SP PUT OPT 03/24 4900 0.01%
  4. CBOE SP PUT OPT 03/24 4910 0.00%
  5. SPXW US 03/04/24 P4900 0.00%
  6. SPXW US 02/29/24 P4900 0.00%
  7. SPXW US 02/29/24 P5050 0.00%
  8. SPXW US 03/04/24 P5050 -0.02%
  9. SP DOW PUT OPT 03/24 5060 -0.06%
  10. CBOE SP PUT OPT 03/24 5050 -0.08%

Asset Allocation

Weighting Return Low Return High OVM % Rank
Stocks
99.70% 0.00% 99.81% 0.46%
Cash
0.45% -50.86% 46.80% 79.09%
Preferred Stocks
0.00% 0.00% 0.10% 87.10%
Convertible Bonds
0.00% 0.00% 0.93% 87.18%
Bonds
0.00% 0.00% 150.86% 99.93%
Other
-0.15% -3.18% 23.38% 98.44%

Stock Sector Breakdown

Weighting Return Low Return High OVM % Rank
Utilities
0.00% 0.00% 0.00% 5.88%
Technology
0.00% 0.00% 0.00% 5.88%
Real Estate
0.00% 0.00% 0.00% 5.88%
Industrials
0.00% 0.00% 100.00% 88.24%
Healthcare
0.00% 0.00% 0.00% 5.88%
Financial Services
0.00% 0.00% 0.00% 5.88%
Energy
0.00% 0.00% 0.00% 5.88%
Communication Services
0.00% 0.00% 100.00% 5.88%
Consumer Defense
0.00% 0.00% 0.00% 5.88%
Consumer Cyclical
0.00% 0.00% 100.00% 17.65%
Basic Materials
0.00% 0.00% 0.00% 5.88%

Stock Geographic Breakdown

Weighting Return Low Return High OVM % Rank
US
99.70% 0.00% 99.81% 0.46%
Non US
0.00% 0.00% 10.75% 87.04%

OVM - Expenses

Operational Fees

OVM Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.88% 0.01% 20.65% 35.94%
Management Fee 0.75% 0.00% 1.20% 99.02%
12b-1 Fee 0.00% 0.00% 1.00% 14.06%
Administrative Fee N/A 0.01% 0.44% N/A

Sales Fees

OVM Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.50% 4.75% N/A
Deferred Load N/A 0.25% 5.00% N/A

Trading Fees

OVM Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 1.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

OVM Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 0.00% 283.00% 24.75%

OVM - Distributions

Dividend Yield Analysis

OVM Category Low Category High OVM % Rank
Dividend Yield 4.61% 0.00% 14.51% 0.46%

Dividend Distribution Analysis

OVM Category Low Category High Category Mod
Dividend Distribution Frequency Quarterly Monthly Monthly Monthly

Net Income Ratio Analysis

OVM Category Low Category High OVM % Rank
Net Income Ratio 1.19% -0.53% 5.33% 82.27%

Capital Gain Distribution Analysis

OVM Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

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OVM - Fund Manager Analysis

Managers

C. Shawn Gibson


Start Date

Tenure

Tenure Rank

Sep 30, 2019

2.67

2.7%

Mr. Gibson co-Founded Liquid Strategies, LLC in 2013 and serves as the Chief Investment Officer and Portfolio Manager and is a member of the firm’s Executive Management Committee. His investment experience primarily in the area of options trading and options portfolio management. Mr. Gibson started trading options in 1997 with the Timber Hill Group, one of the world’s largest options market making firms. While at Timber Hill, he was an options market maker on the floor of the Pacific Exchange and was later promoted to join a small team in Greenwich, CT that was responsible for overseeing the firm’s multi-billion dollar options trading portfolio. Mr. Gibson subsequently served as Head of Options Strategy and Director of Alternative Investments at BB&T, where he worked with advisors and their clients to develop options-based hedging and yield enhancing strategies. He is an active member of his community and was voted as one of the Top 40 leaders under 40 while living in Richmond after being nominated by his peers due to his professional accomplishments and community involvement. Mr. Gibson earned his B.S. in Commerce from the University of Virginia.

Adam Stewart


Start Date

Tenure

Tenure Rank

Sep 30, 2019

2.67

2.7%

Mr. Stewart co-founded Liquid Strategies, LLC in 2013. He is co-portfolio manager of the Theta strategy and serves on the Liquid Strategies investment team, which is responsible for setting portfolio allocations based on the risk profile of the markets. Mr. Stewart began his career at Franklin Templeton in 1997 and later served as Head of Equity Trading at Trusco Capital Management along with managing equity trading operations. Most recently, he was a founding partner and Director of Trading for Perimeter Capital Management. Mr. Stewart received his Chartered Financial Analyst (CFA) designation in 2001 and earned his B.A. from Auburn University.

Justin Boller


Start Date

Tenure

Tenure Rank

Sep 30, 2019

2.67

2.7%

Mr. Boller serves as a Portfolio Manager on the Liquid Strategies Theta investment team. Mr. Boller began his career at Invesco in 1999 where he served as a Client Portfolio Manager, working on the company’s Global Equity investment team. While also at Invesco, he also served as Director of Strategic Planning for the global firm. Most recently, Mr. Boller has worked as Chief Investment Officer for Advocacy Wealth Management, LLC. He is a graduate of Wake Forest University, where he earned a bachelor's in business with a focus in finance. Mr. Boller is a Chartered Financial Analyst (CFA) charterholder.

Bradley Ball


Start Date

Tenure

Tenure Rank

Sep 30, 2019

2.67

2.7%

Mr. Ball co-founded Liquid Strategies, LLC in 2013 and serves as Chief Executive Officer, Managing Member and Portfolio Manager on the LS Theta Strategies Investment Team. Prior to founding the Liquid Strategies, Mr. Ball was a founding partner and CEO of Perimeter Capital Management. Concurrently with founding Perimeter, he was Vice President of Concourse Capital Management, LLC, an affiliated investment adviser to a long/short equity private fund. Previously he served as Executive Vice President of Trusco Capital Management and served on the firm’s Executive Committee. Mr. Ball has been in the investment industry since 1985, has served on numerous industry boards and is a frequent conference speaker. He is a graduate of Oklahoma State University where he received a degree in Finance. Mr. Ball has served on numerous non-profit boards and currently serves as a board member of the Sandy Springs Perimeter Chamber of Commerce.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 35.05 7.36 1.58