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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 U.S. small cap equity securities 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 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 underlying asset, the S&P 600 Index.
Overlay Shares Small Cap Equity ETF trades on the ARCA stock market under the symbol OVS.
As of March 28, 2024, OVS stock price climbed to $34.31 with 572 million shares trading.
OVS has a market cap of $10.98 million. This is considered a Sub-Micro Cap stock.
In the last 3 years, OVS stock traded as high as $39.91 and as low as $25.98.
OVS has underperformed the market in the last year with a return of +22.2%, while the SPY ETF gained +33.6%. In the last 3 month period, OVS fell short of the market, returning +3.3%, while SPY returned +10.1%. However, in the most recent 2 weeks OVS has outperformed the stock market by returning +3.9%, while SPY returned +1.7%.
OVS support price is $33.67 and resistance is $34.45 (based on 1 day standard deviation move). This means that using the most recent 20 day stock volatility and applying a one standard deviation move around the stock's closing price, stastically there is a 67% probability that OVS stock will trade within this expected range on the day.