ETF Evaluator:
Overlay Shares Short Term Bond ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Short-Term Bond Over the Last Year
| 6.6% | Overlay Shares Short Term Bond ETF (OVT) |
| 5.0% | AAM SLC Low Duration Income ETF (LODI) |
| 4.6% | SanJac Alpha Low Duration ETF (SJLD) |
| 4.5% | Performance Trust Short Term Bond ETF (STBF) |
| 4.4% | American Century® Short Dur Str Inc ETF (SDSI) |
Risk
Index
Risk
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ETF Details
Overlay Shares Short Term Bond ETF Overview
Overlay Shares Short Term Bond ETF (OVT) is an actively managed Taxable Bond Short-Term Bond exchange-traded fund (ETF). Overlay Shares launched the ETF in 2021.
The investment seeks total return.
The fund is an actively-managed 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 short-term, investment grade, U.S. dollar-denominated, fixed-rate taxable bonds with a dollar-weighted average maturity of no more than three years with a maximum maturity of five years or directly in the securities held by such ETFs and (ii) selling and purchasing listed short-term put options to generate income to the fund.
About Overlay Shares Short Term Bond ETF (OVT)
There are 2 members of the management team with an average tenure of 5.55 years: C. Shawn Gibson (2021) and Adam Stewart (2021). Management tenure is more important for actively managed ETFs than passive index ETFs.
Overlay Shares Short Term Bond ETF has 10 securities in its portfolio. The top 10 holdings constitute 101.7% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Overlay Shares Short Term Bond ETF is part of the Fixed Income global asset class and is within the Taxable Bond ETF group. Overlay Shares Short Term Bond ETF has 17.8% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is -0.5% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 97.9% (80.1% domestic bond, 17.8% foreign bond and 0.0% convertible bond). Overlay Shares Short Term Bond ETF has 2.5% of the portfolio in cash.
Assets Under Management
The fund has $60 million in total assets, which is below the $3 billion average for the Short-Term Bond category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
OVT Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Overlay Shares Short Term Bond ETF expense ratio is above average compared to funds in the Short-Term Bond category. Overlay Shares Short Term Bond ETF has an expense ratio of 0.79%, which is 182% higher than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Overlay Shares Short Term Bond ETF has a portfolio turnover rate of 7%, which indicates that it holds its assets around / 0.1 years. By way of comparison, the average portfolio turnover is 77% for the Short-Term Bond category.
Recently, in the month of July 2026, Overlay Shares Short Term Bond ETF returned -0.4%, which earned it a grade of F, as the Short-Term Bond category had an average return of -0.1%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Overlay Shares Short Term Bond ETF has a trailing yield of 7.63%, which is above the 4.54% category average.
The fund normally distributes its income monthly.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Overlay Shares Short Term Bond ETF Grades
Year to date, the ETF has returned 2.3%, 1.3 percentage points better than the category, which translates into a grade of A. The fund has returned 6.6% over the past year (grade of A), 7.1% over the past three years (grade of A) and 2.8% per year over the past five years (grade of A).
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OVT Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| OVT Return (NAV) | -0.4% | -0.1% | 6.6% | 7.1% | 2.8% | na |
| OVT Return (Price) | -0.3% | 0.1% | 6.8% | 7.1% | 2.9% | na |
| NAV +/- Price Return | -0.117% | -0.144% | -0.146% | -0.054% | -0.026% | na |
| Short-Term Bond Avg | -0.1% | 0.3% | 3.6% | 5.2% | 2.3% | 2.5% |
| OVT Grade (NAV) | F | F | A | A | A | na |
| +/- Category (NAV) | -0.3% | -0.4% | 3.1% | 1.8% | 0.5% | na |
| OVT Tax-Cost Ratio | na | na | 3.2% | 2.7% | 2.2% | na |
OVT Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| OVT Return (NAV) | 2.3% | 8.1% | 7.5% | 7.7% | -9.7% | na | na | na | na | na | na |
| OVT Return (Price) | 2.2% | 8.2% | 7.4% | 7.7% | -9.7% | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.030% | 0.020% | -0.006% | 0.005% | 0.003% | na | na | na | na | na | na |
| Short-Term Bond Avg | 1.0% | 6.3% | 5.1% | 6.0% | -5.3% | -0.4% | 4.4% | 5.6% | 1.2% | 1.7% | 2.4% |
| OVT Grade (NAV) | A | A | A | A | F | na | na | na | na | na | na |
| +/- Category | 1.3% | 1.8% | 2.4% | 1.7% | -4.4% | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | 0.70 |
| R-Squared: | 78% |
| Standard Deviation: | 4.5% |
| Category Risk Index: | 1.93 |
| Category Risk Rating: | High |
| Total Risk Index: | 0.36 |
| Total Risk Rating: | Low |
| Portfolio Characteristics | |
| Yield: | 7.6% |
| Total Assets: | $ 61 Mil |
| Share Class Assets: | $ 61 Mil |
| Turnover: | 7.0% |
| Expense Ratio: | 0.79% |
| Index Fund: | No |
| Index Tracked: | N/A |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 5.6 years | |||
| Average Tenure: 5.6 years | |||
| Managers (Year): Gibson C. Shawn (2021), Stewart Adam (2021) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 10 |
| % in Top 10 Holdings: | 101.7% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 17.8% |
Portfolio Allocation |
|
| Domestic Stock: | -0.5% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 80.1% |
| Foreign Bond: | 17.8% |
| Convertible Bond: | 0.0% |
| Other: | 0.1% |
| Cash: | 2.5% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Overlay Shares |
| Phone Number: | 866-704-6857 |
| Website: | |
| Inception Date: | January 14, 2021 |
Expenses and Fees
| Expense Ratio (%): | 0.79% (Rating: Above Avg) |
| Category Average Expense Ratio (%): | 0.28% |
