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Overlay Shares operates a focused lineup of four income-focused ETFs designed to generate regular distributions for investors. The company specializes in option overlay strategies that aim to enhance yield through covered call and similar income-generating techniques, with its funds trading under tickers OVF, OVL, OVLH, and OVS. This niche approach to dividend enhancement differentiates Overlay Shares within the broader ETF marketplace, appealing to investors seeking higher current income through systematic option strategies.
See our curated list of related YouTube videos on OVL.
ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.
NEOS is known for developing specialized income-focused ETFs that employ strategies like covered calls, hedging, and enhanced yields across various asset classes. The firm manages 19 funds organized into nine distinct families, including offerings in equity high income, fixed income enhancement, digital assets, and alternative strategies, with popular tickers like SPYI (S&P 500 covered call), QQQI (Nasdaq-100 covered call), and QQQH (Nasdaq-100 hedged equity income). NEOS distinguishes itself in the ETF landscape through its emphasis on income generation and downside protection strategies rather than traditional growth approaches.
See our curated list of related YouTube videos on QQQI.
Put-selling overlay on large cap equity exposure via VOO (Vanguard S&P 500 ETF) to generate additional income.
Seeks to generate high monthly income in a tax efficient manner while targeting equity appreciation.
Asset class
Equity
Equity
Inception date
09/30/2019
01/29/2024
Beta
1.17
1.0553
Last dividend
$0.4850
$0.6570
Ex-dividend date
06/26/2026
06/16/2026
Bottom lineChoose OVL if you are comfortable trading away most upside for a large, steady payout. Choose QQQI if you want to maximize current income — roughly 14.51%, generated by selling options premium.
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Projections assume the current yield and share price remain constant. Actual results will vary.
Total returns
OVL has outpaced QQQI over the trailing twelve months, posting a 23.19% total return against 17.94%. Measured from Jan 2024 — when the younger fund began trading — OVL has compounded at 21.42% a year versus 19.03% for QQQI. Figures are total returns: price change plus every distribution reinvested.
Total return with all distributions reinvested on the ex-dividend date, split-adjusted, as of July 22, 2026. YTD and 1Y are cumulative; longer windows are annualized. “Since Jan 2024” measures every fund from January 30, 2024 — the youngest fund's first trading day — so all funds share one comparison window. Volatility is the annualized standard deviation of daily total returns over the past year. Sharpe and Sortino divide the annualized return in excess of the risk-free rate by, respectively, that volatility and the downside deviation (both over the past year) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.
Quick verdict
OVL (Overlay Shares Large Cap Equity ETF) and QQQI (NEOS Nasdaq-100 High Income ETF) are both monthly-pay dividend ETFs, but they take different approaches.
QQQI offers the higher yield at 14.51% vs 10.30% for OVL. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.
QQQI is cheaper with an expense ratio of 0.68% compared to 0.79%.
They track different benchmarks: OVL is linked to S&P 500 (VOO) while QQQI tracks NASDAQ 100, which means their performance drivers differ.
QQQI is the larger fund by assets ($13.3B), which generally means tighter spreads and better liquidity.
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On a $10,000 investment, OVL would generate roughly $85.83/month, while QQQI would produce $120.92/month, at current distribution rates. Both pay monthly distributions.
OVL yield10.30%
QQQI yield14.51%
Monthly diff on $10K$35.08
Cost & efficiency
Over 10 years on $10,000, OVL would cost approximately $790 in fees vs $680 for QQQI (simplified, not compounded). The $110.00 difference may be offset by yield or performance.
OVL ER0.79%
QQQI ER0.68%
Strategy & risk
OVL tracks S&P 500 (VOO) with a fund of funds approach, while QQQI tracks NASDAQ 100 with an options approach. Beta is 1.17 for OVL and 1.0553 for QQQI, indicating QQQI is less volatile relative to the market.
OVL beta1.17
QQQI beta1.0553
Fund details
OVL is managed by Overlay Shares (launched 09/30/2019) with $331M in assets. QQQI is managed by NEOS (launched 01/29/2024) with $13.3B in assets.
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Frequently asked questions
Is OVL or QQQI better for dividend income?
It depends on your goals. QQQI currently offers the higher distribution yield, which means more income per dollar invested. However, a lower-yield fund may offer better total return or lower volatility. Consider your time horizon and risk tolerance.
What is the difference between OVL and QQQI?
OVL (Overlay Shares Large Cap Equity ETF) tracks S&P 500 (VOO) with a fund of funds approach, while QQQI (NEOS Nasdaq-100 High Income ETF) tracks NASDAQ 100 with an options approach. They are issued by Overlay Shares and NEOS respectively.
Can I hold both OVL and QQQI?
Yes — nothing prevents holding both. Whether the combination actually diversifies depends on how much the underlying exposures overlap, which isn't fully measurable from the data on this page; review each security's holdings, sector, and strategy before treating them as complementary.
Which has lower fees, OVL or QQQI?
OVL has an expense ratio of 0.79% while QQQI charges 0.68%. Lower fees mean more of your investment returns stay in your pocket over time.
How much income does $10,000 in OVL vs QQQI generate?
At current rates, $10,000 in OVL would generate roughly $85.83 per month ($1,030.00 annually). The same in QQQI would produce about $120.92 per month ($1,451.00 annually).
Which has performed better historically, OVL or QQQI?
OVL has outpaced QQQI over the trailing twelve months, posting a 23.19% total return against 17.94%. Measured from Jan 2024 — when the younger fund began trading — OVL has compounded at 21.42% a year versus 19.03% for QQQI. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.
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