Overlay Shares Large Cap Equity ETF holds large U.S. companies through underlying funds and uses an option overlay to seek additional cash. The shares provide growth and dividend exposure, while options add cash with a possible cost to upside.
Business
Equity and option-strategy ETF
Listing
OVL · BATS
Reporting period
2026-02-28
Dividend schedule
Monthly
How the business works
Portfolio dividends after expenses contribute to net investment income. Option outcomes and stock-price changes belong to the broader return, not that income line alone.
Extras are shown separately and are not assumed to repeat.
Reported earnings
Each measure shown separately, per share
Net investment income$0.11
Sep 1, 2025 to Feb 28, 2026
$0.00$0.11
Distribution yield8.15%Sourced distributions divided by dated market priceReported annual income yield0.56%Reported net investment income $0.2800 per share for 2024-09-01 to 2025-08-31, divided by approved 2025-08-29 market price $50.3000. Excludes capital gains; historical, not a current yield or forecast.Reported annual investment income$0.28Per share for 2025 FY. Excludes investment gains.Trailing 12-month distributions$4.64Recorded recurring payments per share, not a forecast
Dividend payment history
Date or month
Per share
Aug 28, 2026
$0.494363
Reported earnings and sources
Reported earnings for the latest four periods. Compare the same earnings measure across periods; different measures are not added together.
Cash distributions are the total paid per share during each reporting period, including any gains or return of capital. Period lengths may differ, so compare the dates before comparing amounts. Short periods are not annualized.
NAV change excludes distributions. Reported NAV total return includes reinvestment and is copied from the fund statement, not estimated by adding cash distributions to the NAV change.
How to read OVL income
Fund income alone does not measure the full contribution from options. Cash distributions can also include gains or return of capital.
Follow distributions together with NAV and total return. A large payment is not proof that the strategy earned that amount.
Income and distributions
Income and cash distributions per share for the same dated periods. Shorter periods are kept separate and are not annualized. Fund income alone does not measure the full contribution from options. Cash distributions can also include gains or return of capital.
Fund net investment income per common share; actual reporting period, not annualized$0.1100
Total cash distributions in the same period$1.7700
$0.00$1.80
For the six months ended February 28, 2026, OVL reported $0.11 of net investment income and $1.77 of distributions per share. Net asset value rose from $50.38 to $53.15. Income accounts for only part of the cash paid; the option and stock results complete the period picture.
Portfolio interest and dividends, realized investment results and any derivative activity contribute to distribution resources after expenses. Taxable income and cash distributions can differ from reported net investment income.
The earnings available to shareholders depend on the cash generated by these activities after operating and financing costs. Portfolio gains, financing proceeds and recurring income should be evaluated separately.
Overlay Shares Large Cap Equity ETF reported $0.1100 per share for 2025-09-01 to 2026-02-28, measured as Fund net investment income per common share; actual reporting period, not annualized.
Actual per-share reporting period, without annualisation. Net investment income, realized gains, unrealized changes and cash distributions are different measures. This comparison is not the Fly High forward Dividend Coverage Ratio.
Income and capital are exposed to option execution, market losses and changes in portfolio positioning.
Watch for changes in the underlying exposure and the next reported results before treating the current payment as evidence of continuing earnings support.
Payments can change and can include gains or return of capital. A high trailing yield does not establish earnings coverage or total return.
Watch for changes in the underlying exposure and the next reported results before treating the current payment as evidence of continuing earnings support.
Read the next matching distribution and income period with option returns, large-cap stock performance and net asset value.
Net asset value (NAV)
NAV per share$56.44Sep 29, 2026Market price$56.48Sep 29, 2026PREMIUM / DISCOUNT TO NAV0.07% premiumCalculated from the displayed same-date values.
NAV is the fund's assets minus liabilities, divided by shares outstanding. All values are USD per share.
Liquid Strategies reported NAV and market price, both dated 2026-09-29. The company-published premium or discount agrees with the displayed values within rounding. Older audited NAV history remains unchanged.
Read the next matching distribution and income period with option returns, large-cap stock performance and net asset value.
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U.S. federal · Tax year 2025
Dividend tax treatment
For OVL's $0.41987 payment on December 24, 2025, the company estimated 100% return of capital.
Total ordinary dividends
Not confirmed
Qualified dividends
Not confirmed
Capital-gain distributions
Not confirmed
Return of capital
100%
This is a close look at the payment dates named above, not a verdict on every distribution paid in 2025. Other payments can have a different mix. Use this estimate to understand those checks, then compare the whole year with your tax statement.
The company calls this breakdown an estimate. This estimate is for the December 24 payment only, not OVL's full 2025 tax mix. The final tax result may differ; use your Form 1099-DIV for filing. Your Form 1099-DIV may show a different final mix. See the company's estimate.
Tax year: 2025.
Tax details and source
Total ordinary dividends (includes qualified)
Not confirmed
Section 199A portion (within ordinary dividends)
Not confirmed
Exempt-interest distributions
Not confirmed
Reporting form
Form 1099-DIV
Source date
2025-12-24
Qualified dividends are included in total ordinary dividends. Section 199A is a separate designation within ordinary dividends, not extra income or qualified dividend income.
Your account type, holding period and circumstances affect treatment. Use your broker’s tax statement for filing. Return of capital generally reduces cost basis; amounts beyond basis can be taxable. IRS dividend guidance.
