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Overlay Shares Municipal Bond ETF (OVM)

Muni National Long | Exchange Traded Fund | Cboe US
20.74 USD +0.10 (0.467%) ⇧ (Oct. 15, 2026, 1:28 p.m. EDT)

Short-term:★★⯪☆☆Long-term:★★☆☆☆Dividends:★★★☆☆
Hot Take ↕ | Oct. 10, 2026, 4:11 a.m. EDT

The municipal bond ETF is currently trading at a significant discount to its recent averages, having fallen below both its 50-day and 200-day moving averages. This technical weakness aligns with the recent price action over the last two weeks, which shows a persistent downward drift despite a minor bounce earlier in the month. While the statistical forecasting model indicates a high-confidence prediction for continued downside over the next 45 days, this short-term pressure is secondary to the broader structural concerns. Over the past six years, the asset has suffered a cumulative loss of over 15%, driven by a severe crash in 2022 followed by stagnation. Although the most recent annual return was a modest decline, the asset has now endured three consecutive years of negative or flat performance, signaling a prolonged period of underperformance rather than a temporary dip. The valuation metrics reflect this distress, with a trailing P/E of nearly 24x, which is unusually high for a fixed-income vehicle and suggests the market is pricing in further deterioration or a lack of future growth. On the income side, the situation is mixed; while the yield is attractive at 7%, the distribution history reveals a concerning pattern of NAV erosion. In 2025, distributions surged to nearly $1.00 per share, yet the share price collapsed by roughly 10% that same year, indicating that the fund is likely paying out capital to maintain the yield rather than generating sustainable earnings. This combination of structural decline, elevated valuation relative to sector peers, and questionable payout sustainability makes the asset difficult to recommend for either immediate speculation or long-term accumulation.

Model Selection — Backtest MAE (log-scale, lower is better)
ModelMAE
AutoTheta ✓0.029540
AutoETS0.030272
AutoARIMA0.030272
MSTL0.030507

Forecast horizon: 45 days | Selected: AutoTheta

Forecast Reliability
Score 73%
H-stat 21.37
Ljung-Box p 0.000
Jarque-Bera p 0.299
Excess Kurtosis -1.12
Attribute Value
Trailing P/E 24.11

Dividend Data

Yield Summary
Last Yield 1yr Yield 3yr Avg 5yr Avg
0.46% 5.21% 5.17% 5.26%
Dividend History
Date Dividend Yield %
2026-09-29 0.093 0.460921
2026-08-27 0.092 0.432839
2026-07-29 0.091 0.429063
2026-06-26 0.092 0.423086
2026-05-27 0.095 0.436983
2026-04-28 0.093 0.428374
2026-03-27 0.093 0.436210
2026-02-25 0.094 0.428930
2026-01-28 0.093 0.429978
2025-12-23 0.281 1.307524
2025-10-03 0.307 1.440638
2025-07-03 0.279 1.336527
2025-04-03 0.303 1.439430
2024-12-24 0.274 1.259538
2024-10-03 0.270 1.204819
2024-07-03 0.271 1.224582
2024-04-03 0.254 1.152032
2023-12-27 0.271 1.225357
2023-10-03 0.250 1.225010
2023-07-05 0.254 1.162844
2023-04-04 0.255 1.155153
2022-12-28 0.242 1.125058
2022-10-04 0.228 1.070021
2022-07-05 0.218 0.973562
2022-04-04 0.221 0.940706
2021-12-29 0.801 3.159140
2021-10-04 0.240 0.936147
2021-07-02 0.252 0.963119
2021-04-05 0.253 0.984627
2020-12-28 0.255 0.983986
2020-10-02 0.258 1.012440
2020-07-02 0.260 1.027505
2020-03-27 0.250 1.021617
2019-12-27 0.147 0.579996
Additional Data
trailingAnnualDividendRate 0.0
trailingAnnualDividendYield 0.0
dividendYield 7.0

Info Dump

Attribute Value
All Time High 27.28
All Time Low 19.6
Ask 0.0
Ask Size 2,100
Average Daily Volume10 Day 7,590
Average Daily Volume3 Month 11,721
Average Volume 11,721
Average Volume10Days 7,590
Beta3 Year 1.16
Bid 0.0
Bid Size 200
Category Muni National Long
Crypto Tradeable 0
Currency USD
Custom Price Alert Confidence HIGH
Day High 20.7418
Day Low 20.68
Display Name Overlay Shares Muni Bond ETF
Dividend Yield 7.0
Eps Trailing Twelve Months 0.8603838
Esg Populated 0
Exchange BTS
Exchange Data Delayed By 0
Exchange Timezone Name America/New_York
Exchange Timezone Short Name EDT
Fifty Day Average 20.94904
Fifty Day Average Change -0.20723915
Fifty Day Average Change Percent -0.009892537
Fifty Two Week Change Percent -3.8832247
Fifty Two Week High 22.19
Fifty Two Week High Change -1.4482002
Fifty Two Week High Change Percent -0.065263644
Fifty Two Week Low 20.15
Fifty Two Week Low Change 0.5918007
Fifty Two Week Low Change Percent 0.029369762
Fifty Two Week Range 20.15 - 22.19
First Trade Date Milliseconds 1,569,936,600,000
Five Year Average Return 0.0074145
Full Exchange Name Cboe US
Fullday Change 0.08469963
Fullday Change Percent 0.4102611
Fullday Price 20.7418
Fund Family Liquid Strategies
Fund Inception Date 1,569,801,600
Gmt Off Set Milliseconds -14,400,000
Has Pre Post Market Data 1
Language en-US
Legal Type Exchange Traded Fund
Long Business Summary 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 and (ii) selling and purchasing listed short-term put options to generate income to the fund.
Long Name Overlay Shares Municipal Bond ETF
Market us_market
Market State PRE
Max Age 86,400
Message Board Id finmb_632049961
Nav Price 20.5372
Net Assets 42,796,808.0
Net Expense Ratio 0.81
Open 20.7
Previous Close 20.6453
Price Hint 2
Quote Source Name Delayed Quote
Quote Type ETF
Region US
Regular Market Change 0.0965004
Regular Market Change Percent 0.467421
Regular Market Day High 20.7418
Regular Market Day Low 20.68
Regular Market Day Range 20.68 - 20.7418
Regular Market Open 20.7
Regular Market Previous Close 20.6453
Regular Market Price 20.7418
Regular Market Time 1,792,085,313
Regular Market Volume 18,144
Short Name Overlay Shares Municipal Bond E
Source Interval 15
Symbol OVM
Three Year Average Return 0.050734803
Total Assets 42,796,808
Tradeable 0
Trailing Annual Dividend Rate 0.0
Trailing Annual Dividend Yield 0.0
Trailing P E 24.107613
Trailing Peg Ratio None
Trailing Three Month Nav Returns -5.34157
Trailing Three Month Returns -5.34157
Triggerable 1
Two Hundred Day Average 21.494495
Two Hundred Day Average Change -0.7526951
Two Hundred Day Average Change Percent -0.035018038
Type Disp ETF
Volume 18,144
Yield 0.07
Ytd Return -1.57082