Seeking AlphaT3·28mo ago
OVM Overlay Shares Municipal Bond ETF
ETFETF quote, holdings, sector allocation, technicals, and options analytics. Fibonacci levels
Market data may be delayed, incomplete, or inaccurate. Not a recommendation to buy, sell, or hold any security. Verify quotes with your broker before trading. See Terms §17.
OVM
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Key stats
About
Overlay Shares Municipal Bond ETF (OVM) ETF
No description available.
- Exchange
- BATS
- Inception
- 2019-09-30
- Has Options
- No
Fund profile
holdings as of May 31, 2026SEC filingthrough May 2026flows, SEC filings
- Expense ratio
- 0.81% prospectus, filed Dec 23, 2025
- Assets
- $44M shares × price, Oct 21, 2026
- Trailing yield
- 5.39% paid quarterly
- Average daily volume
- $210K 30 sessions
- Holdings
- 11 top 10 are 100.1%
- Listed
- Sep 30, 2019 Cboe BZX
- Last fee change
- -2 bp filed Dec 23, 2025
Cost2
Liquidity11
Scale24
Diversification0
Moves with. US large-cap stocks (34% of its variance, beta 0.26); Long Treasuries (14% of its variance, beta 0.17). These factors explain 47% of its daily moves over the last year.
Stated objective. The Overlay Shares Municipal Bond ETF (the Fund or Municipal Bond ETF) seeks total return. (from the fund's prospectus)
All 11 holdingsFlow historyOverlap toolAll National Muni ETFs
Fund flows
through May 2026SEC filings- May 2026
- +$2.0M latest reported month
- Latest 3 months
- +$4.8M +12.5% of assets
- Latest 12 months
- +$9.7M +25.5% of assets
View as a table
| Month | Net flow |
|---|---|
| May 2026 | +$2.0M |
| Apr 2026 | +$217K |
| Mar 2026 | +$2.6M |
| Feb 2026 | −$661K |
| Jan 2026 | −$1.3M |
| Dec 2025 | +$3.7M |
| Nov 2025 | +$645K |
| Oct 2025 | +$2.6M |
| Sep 2025 | $0 |
| Aug 2025 | +$419K |
| Jul 2025 | +$204K |
| Jun 2025 | −$625K |
Net creations and redemptions from the fund's SEC filings, which become public about 60 days after each quarter. Every month since 75 months ago
Similar funds
| Fund | Overlap | Fee | Assets | 1Y | |
|---|---|---|---|---|---|
| MUBiShares National Muni Bond ETF | — | 0.05% | $52.1B | −4.7% | compare |
| VTEBVanguard Tax-Exempt Bond Index Fund | — | 0.03% | $50.4B | −5.0% | compare |
| JMUBJPMorgan Municipal ETF | — | 0.18% | $8.7B | −4.9% | compare |
| CGMUCapital Group Municipal Income ETF | — | 0.27% | $7.2B | −3.8% | compare |
| PZAInvesco National AMT-Free Municipal Bond ETF | — | 0.28% | $4.1B | −7.7% | compare |
The largest other funds in the National Muni category.
ETF Profile
holdings as of 2026-05-31
Holdings
11
AUM
$47.9M
Provider
Nport
Inception
2019-09-30
Exchange
BATS
Data As Of
2026-05-31
Expense Ratio
0.81%
Dividend Yield
5.39%
Distribution
Quarterly
Recent distributions
| Ex-Date | Pay Date | Amount | Type |
|---|---|---|---|
| 2026-09-29 | 2026-09-30 | $0.0931 | CD |
| 2026-08-27 | 2026-08-28 | $0.0921 | CD |
| 2026-07-29 | 2026-07-30 | $0.0912 | CD |
| 2026-06-26 | 2026-06-29 | $0.0921 | CD |
| 2026-05-27 | 2026-05-28 | $0.0948 | CD |
| 2026-04-28 | 2026-04-29 | $0.0929 | CD |
Asset Allocation
Top Holdings
top 11 of 11 holdings
| Symbol | Name | Weight % | Asset Class | Country |
|---|---|---|---|---|
| MUB | iShares National Muni Bond ETF | 99.69% | Equity (common) | US |
| — | Mount Vernon Liquid Assets Portfolio, LLC | 26.41% | Short-term investment | US |
| — | N/A | 0.12% | Derivative (equity) | US |
| — | N/A | 0.10% | Derivative (equity) | US |
| — | N/A | 0.08% | Derivative (equity) | US |
| — | N/A | 0.08% | Derivative (equity) | US |
| — | First American Government Obli | 0.05% | Short-term investment | US |
| — | N/A | -0.16% | Derivative (equity) | US |
| — | N/A | -0.16% | Derivative (equity) | US |
| — | N/A | -0.17% | Derivative (equity) | US |
| — | N/A | -0.20% | Derivative (equity) | US |
Non-Equity Breakdown
Overlay Shares Municipal Bond ETF ·
NPORT-P period 2026-05-31
(filed 2026-07-30)
Net assets:
$38M
· 11 total positions
· equity 99.69%
· non-equity 26.16%
Non-equity holdings
— 10 positions,
26.16% of NAV
| Category | Weight | Value | Positions |
|---|---|---|---|
| Short-term investment | 26.46% | $10.1M | 2 |
| Derivative (equity) | -0.30% | $-114300 | 8 |
Chart
Seasonality
| Month | '21 | '22 | '23 | '24 | '25 | '26 | Avg |
|---|---|---|---|---|---|---|---|
| Jan | 1.22% | -3.60% | 2.70% | 1.02% | 0.19% | 0.50% | 0.34% |
| Feb | -1.61% | -0.95% | -3.19% | 0.11% | 0.64% | 1.01% | -0.66% |
| Mar | 1.29% | -2.36% | 3.02% | 0.20% | -3.20% | -2.00% | -0.51% |
| Apr | 0.12% | -4.68% | -1.10% | -3.21% | -2.47% | 1.10% | -1.71% |
| May | 0.68% | 1.71% | -0.17% | 0.55% | -0.14% | 0.29% | 0.49% |
| Jun | 1.13% | -2.30% | 0.86% | 1.09% | 1.59% | -0.10% | 0.38% |
| Jul | -0.31% | 1.61% | -0.70% | 0.26% | -1.13% | -2.10% | -0.39% |
| Aug | 0.18% | -3.17% | -1.00% | 0.65% | 0.69% | -0.69% | -0.56% |
| Sep | -1.43% | -4.56% | -3.62% | 0.86% | 2.99% | -3.25% | -1.50% |
| Oct | -0.79% | -1.95% | -3.30% | -2.98% | -0.05% | 0.94%* | -1.35% |
| Nov | 1.01% | 5.01% | 7.17% | 2.63% | 0.53% | -- | 3.27% |
| Dec | -3.04% | -2.12% | 0.99% | -3.52% | -0.71% | -- | -1.68% |
| Total | -1.64% | -16.43% | 1.14% | -2.52% | -1.22% | -4.32% | -4.16% |
Technical Indicators
Quick-reference for reading the values below. Indicators combine to confirm a view — no single one is a trade signal on its own.
Trend Indicators
- SMA 20 / 50 / 200 — price above = uptrend, below = downtrend. SMA 50 crossing SMA 200 is the golden/death cross.
- EMA 12 / 26 — faster-reacting averages; 12 above 26 is short-term bullish.
- MACD — bullish when MACD > signal (green badge), bearish when below. Divergence from price often precedes reversals.
- ADX (14) — trend strength regardless of direction. <20 range, 20–25 weak trend, 25–50 trend, >50 strong trend.
- +DI / −DI — +DI > −DI favors bulls; the reverse favors bears. Read alongside ADX.
Momentum Oscillators
- RSI (14) — <30 oversold, >70 overbought. 40–60 is neutral; trending names can stay extreme.
- Stochastic %K / %D — <20 oversold, >80 overbought. %K crossing %D is an early momentum signal.
- Williams %R — inverted scale: <−80 oversold, >−20 overbought.
Oscillators work best in range-bound markets; in strong trends they give premature reversal signals.
Volume & Volatility
- Bollinger Bands — price at upper band = overbought, lower = oversold. Narrow bands (squeeze) often precede expansion.
- OBV — cumulative volume; rising OBV confirms uptrend, falling OBV confirms downtrend. Divergence from price is a warning.
- Vol SMA 20 / Vol ROC — today's volume vs. 20-day average. Positive ROC with price move = conviction.
- ATR / True Range — average daily $ move; sizing and stop-loss reference.
- HV 20 / 30 / 60 — realized (historical) volatility. Compare to IV on the options cards: IV > HV = rich premium.
Confluence matters: trend + momentum + volume agreeing carries far more weight than any single indicator. For how these feed the spread scanner score, see the algorithm docs →
Trend Indicators
SMA 20: $20.54
SMA 50: $20.87
SMA 200: $21.47
Current: $20.84
EMA 12: $20.66
EMA 26: $20.68
MACD: -0.0198 | Signal: 0.0580
BEARISH
ADX (14): 35.91
TREND
+DI: 43.16
−DI: 16.75
Momentum Oscillators
RSI (14): 57.41
NEUTRAL
Stoch %K: 71.12
Stoch %D: 56.14
Williams %R: -3.72
Volume & Volatility
BB Upper: $20.87
BB Lower: $20.21
NEUTRAL
OBV: -125,480
Vol SMA 20: 10,264
Vol ROC: 86.32%
ATR: $0.16
True Range: $0.14
HV 20: 10.0%
HV 30: 9.3%
HV 60: 7.7%
Data Summary
Data Points: 500
Last Updated:
Date Range: 2024-10-23T00:00:00 – 2026-10-21T00:00:00
AI Analysis
Here is my comprehensive stock analysis report for OVM:
Executive Summary
Overall Assessment: NEUTRAL (confidence level 6/10)
Key Drivers: Neutral sentiment from recent news headlines, stable technical signals, and low volatility.
Primary Risks: Low trading volume and limited institutional interest may impact market reaction to potential catalysts.
Investment Thesis: OVM is a relatively quiet stock with neutral momentum and low volatility. While there are no obvious catalysts driving the price, the stock is not showing any significant warning signs either. Investors can consider OVM as a long-term hold or short-term trading opportunity, but with caution due to limited data availability.
Recent News Sentiment Impact: The recent news headlines indicate a neutral sentiment, which does not provide much insight into the stock's potential movements.
Technical Analysis
Trend Direction: Medium-term uptrend (1-3 months)
Support/Resistance Levels: $21.58 (SMA 200) and $21.56 (Lower Bollinger Band) are key support levels, while $21.85 (Upper Bollinger Band) is a potential resistance level.
Momentum Signals:
- RSI interpretation: Neutral at 55.25
- MACD signal: Bearish crossover (-0.00 / Signal: 0.01 / Histogram: -0.01)
- Bollinger Bands position: Neutral (price touching the middle band)
Volume Analysis: Volume is low, with a volume rate of change of -51.71%. This may indicate limited institutional interest.
News & Sentiment Analysis
Recent Headlines Summary: Two recent news headlines were neutral in sentiment, providing no significant insight into the stock's potential movements.
Sentiment Assessment: Neutral (average of both headline sentiments)
Catalyst Identification: No notable upcoming events or announcements are scheduled for OVM.
Market Narrative: The market narrative is driven by the lack of significant catalysts and low trading volume. This may lead to a volatile reaction if any news emerges that impacts investor sentiment.
Risk & Volatility Assessment
Beta Interpretation: Low volatility, with beta 0.22 compared to SPY.
Volatility Regime: Historical volatility is moderate (HV20: 4.5%, HV30: 4.5%, HV60: 5.4%).
Options Market Signals: No options data available for analysis.
Downside Protection: Support levels are $21.58 (SMA 200) and $21.56 (Lower Bollinger Band).
Market Context & Positioning
Sector Performance: OVM's sector is relatively stable, with no significant outperformance or underperformance.
Institutional Activity: Limited trading volume may indicate limited institutional interest.
Correlation Analysis: Correlation with the market is moderate at 0.54.
Relative Valuation: OVM's valuation relative to its peers and the broader market is neutral, indicating no obvious over- or undervaluation.
Key Levels & Action Items
Critical Price Levels: $21.58 (SMA 200) and $21.56 (Lower Bollinger Band) are key support levels.
Breakout/Breakdown Levels: No clear breakout or breakdown levels are visible based on the provided technical indicators.
Time-Sensitive Catalysts: No notable upcoming events or announcements are scheduled for OVM.
Risk Management: Investors should consider setting a stop-loss level at $21.45 (10% below current price) and position sizing according to their risk tolerance.
Please note that this report is based on the provided data, which may not be comprehensive. Additionally, the analysis is subjective and intended to provide insights rather than serve as investment advice.
Generated
News
All OVM news →
Seeking AlphaT3·37mo ago
OVM Options Activity & IV Rank
Loading options activity...
Spread Scanner GPU
Each spread is ranked by a composite score built in three stages. Full documentation →
Stage 1 — Base Score (GPU scanner)
score = P(profit) × (credit / spread_width)
P(profit) from short leg delta (1 − |delta|), penalised above 85%. Credit uses mid-price to handle illiquid chains fairly.
Stage 2 — Skew Adjustment (±25% cap)
RR and BF (30-delta) from the persisted per-symbol skew snapshot — wing strikes picked by real greeks.delta, not a moneyness proxy. Put skew boosts bull puts, penalises bear calls. High butterfly boosts iron condors. Calendars are skew-neutral.
Stage 3 — Technical Overlay (±50% cap, 5 groups)
Group 1 · Directional Bias (±0.25)
- RSI <40 bullish / >60 bearish
- MACD crossover + histogram trend
- Price vs SMA 50 & SMA 200
Group 2 · Momentum (±0.10)
- Stochastic %K <20 / >80
- Williams %R <−80 / >−20
Group 3 · Volatility (up to −0.25 / +0.15)
- Blended ATR + straddle expected-move penalty
- Bollinger Band signal (+ counter-trend penalty)
- BB width — vol contraction boost for ICs
Group 4 · IV Regime (±0.15)
- IV rank ≥ 75 → strong boost for credit spreads
- IV rank < 25 → penalty (selling cheap vol)
Group 5 · Liquidity (penalty up to −0.10)
- Min open interest across all legs
- OI < 100 → −0.10 · OI < 500 → −0.05
score = base_score × skew_multiplier × tech_multiplier
Both multipliers are shown per spread. Beta is informational only — ATR already captures realized vol. Full algorithm documentation →
Enter a ticker to scan for optimal spread opportunities.
Evaluates all bull put, bear call, iron condor, and calendar spread combinations using GPU-accelerated analysis.
Skew (Wing IV − ATM IV)
DTE:
Wing Δ:
Wing vs ATM
IV(put wing) − IV(ATM), in vol pointsHow much the OTM put trades above (or below) the at-the-money strike. Measures the height of the put-side tail relative to ATM — i.e. how expensive crash insurance is on this name.
- Positive (typical) — wing IV > ATM IV. Standard equity put skew: portfolios bid up crash protection, so OTM puts trade richer than ATM.
- Near zero or negative (unusual) — wing IV ≤ ATM IV. Flat or inverted put side. Common when there's no fear demand, in tightly mean-reverting names, or right after an earnings catalyst clears.
- Percentile vs own 3-yr history: high = wings rich (good time to sell wing premium); low = wings cheap (good time to buy protection).
- Not directional — high or low wings don't predict up or down moves. It's a price tag on tail insurance, not a forecast.
Risk Reversal
IV(call wing) − IV(put wing), equal delta on each sideWhich side of the smile is the market paying up for? Measures the tilt of the surface — call skew vs put skew at matched deltas.
- Negative (typical) — puts richer than calls. Standard equity behavior: hedging demand makes puts carry a premium. Most large-caps sit in the −1 to −5 vol-point range.
- Strongly negative (< −5 pts) — heavy downside hedging, elevated fear, or an upcoming catalyst (earnings, FDA, macro event). Worth flagging.
- Positive — calls richer than puts. Unusual for equities; signals bullish momentum, short-squeeze positioning, or takeover/M&A speculation.
- Near zero — symmetric surface. Market sees roughly equal up/down risk. Rare for large-caps; more common in commodities and FX.
Reading them together
Wing-vs-ATM tells you how expensive the tails are. Risk Reversal tells you which side is favored. Combined:
- High wing percentile + deeply negative RR → strong put bid; stress or major event priced in. Owning protection costs a premium; selling put premium is dangerous.
- Low wing percentile + near-zero RR → complacency; insurance cheap and balanced. Good environment to add cheap downside hedges.
- Positive RR + elevated wings → call-side fear-of-missing-out; common in squeeze setups. Upside calls expensive, downside puts not bid.
14 DTE / 10d
—
—
pts
EXTREME
ATM — / Wing —
30 DTE / 10d
—
—
pts
EXTREME
ATM — / Wing —
Extreme reading.
Historically these have been contrarian — on the small set of observed earnings-day cases, large negative wing-vs-ATM gaps (calls pricing much richer than puts at the same delta) preceded sharp drops in the underlying within 1-12 days. Not financial advice and the dataset is small.
Percentile is the rank of today's reading within ~3 years of this symbol's own history. High percentile = wings are rich relative to history; not a directional signal. Skew is read off the chain in real time, not from CBOE SKEW.
Volatility Surface
Enter a ticker to render the implied volatility surface.
Volatility Smile
Enter a ticker to render the implied volatility smile.
IV Rank (7 DTE)
IV Rank (30 DTE)
Straddle Price (30 DTE)
Beta Analysis
Risk Metrics
Beta: 0.2539
Alpha: -7.10%
Correlation: 0.5614
R-Squared: 31.5%
Stock Volatility: 5.8%
Market Volatility: 12.8%
Analysis Details
Benchmark: SPY
Data Points: 251
Period: 252 trading days
Data Points: 251
Period: 252 trading days
Interpretation:
Low volatility - stock moves less than market
Low volatility - stock moves less than market
Beta & Alpha Over Time
OVM Institutional Ownership (13F)
Latest filings — 2026-09-30Institutional managers with $100M+ AUM file Form 13F-HR quarterly, due 45 days after quarter end. Holdings are reported gross at quarter-end market value — they are a snapshot, not a real-time position.
- Shares — long equity positions in this name, aggregated across share classes.
- Calls / Puts — notional value of long call / put exposure where this ticker is the underlying.
- % of Float — holder's reported shares divided by the latest diluted shares outstanding. Sums above 100% indicate large custodian / prime broker positions where the same shares are reported by multiple filers.
- Custodian badge — filers with more than 5,000 holdings are typically broker-dealers / custodians reporting customer-held shares, not active managers.
Each filer is counted once at its latest 13F-HR filing. New filings are ingested on a weekly cadence.
| # | Filer | Notional Value | % of Total | Period |
|---|
| # | Filer | Notional Value | % of Total | Period |
|---|
OVM Constituent Performance
Click any bar to view the full quote for that stock.
OVM Constituents (1 of 1)
| Symbol | Name | Weight % | Price | 1 Day | 1 Week | 1 Month |
|---|---|---|---|---|---|---|
| MUB | iShares National Muni Bond ETF | 99.69% | $103.19 | +0.72% | +0.69% | +1.57% |