Liquid Strategies

What Liquid Strategies does

Liquid Strategies is a privately held, SEC-registered investment adviser headquartered in Atlanta, Georgia, founded in 2013 by industry veterans. The firm specializes in options-based income and overlay strategies applied to liquid beta exposures, plus multi-strategy private credit, and manages approximately $1.83 billion in assets as of June 12, 2026. It operates with a lean team of 1–10 employees distributed across Atlanta and a secondary office in Richmond, Virginia, and serves financial advisors/RIAs, institutional investors (endowments, foundations, family offices, pensions), and retail clients accessing the firm's strategies through ETF and interval fund wrappers.

The firm's core technology is a systematic put spread writing overlay applied to low-cost S&P 500 beta exposure to harvest the Volatility Risk Premium, supplemented by a laddered put option hedge (OVLH) for downside protection without capping upside equity participation. The OverlayShares ETF suite spans seven tickers (OVL, OVS, OVF, OVB, OVM, OVT, OVLH) covering large-cap, small-cap, foreign, core bond, municipal, and short-term bond exposures, all sharing a consistent overlay methodology applied across six funds. Two closed-end interval funds extend the product line: the Denali Structured Return Strategy Fund (DNLIX), which combines private credit income with systematic S&P 500 call spread purchases (~1.5–3% of assets per quarter), and the Niagara Income Opportunities Fund (NAGRX), a multi-strategy private credit vehicle spanning 27 investments across 18 strategy partners with a low-LTV, lender-friendly discipline. Liquid Strategies also serves as sub-adviser to Kensington Asset Management's KHPI and DFNDX.

The firm generates revenue through AUM-based investment advisory fees, with expense ratios and management fees ranging from approximately 0.79% on the OverlayShares ETFs to 1.65% on DNLIX (subject to a 1.99% expense cap through July 2026) and 3.25% total annual expenses on DNLIX. Distribution is sales-led via financial advisors and RIAs, with the ETF suite distributed by Foreside Fund Services and accessible on Fidelity, Pershing, Charles Schwab, and the SMArtX Advisory Solutions Manager Marketplace (which expanded to 388 partner firms and 2,668 strategies by January 2026). Interval funds (DNLIX, NAGRX) are offered directly to institutional investors and RIAs with daily subscriptions and quarterly repurchase windows, and the firm also generates fee revenue from its Kensington sub-advisory mandates.

Name

Liquid Strategies

Legal name

Liquid Strategies, LLC

Website

https://lsfunds.com

Company type

Private

Founded year

2013

Operating status

Operating

Headcount range

1–10 employees

Short description

Liquid Strategies is an Atlanta-based, SEC-registered investment adviser managing $1.83 billion across a suite of options-overlay ETFs and closed-end interval funds. Founded in 2013, the firm serves RIAs, institutional investors, and retail clients through systematic Volatility Risk Premium capture and private credit strategies.

Ownership category

akta.pro rank

Product category

Investment Management (Asset Management)

NAICS

Portfolio Management and Investment Advice (523940), Open-End Investment Funds (525910), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Investment Advice (6282)

akta.pro primary industry

Systematic Volatility & Options (Vol Arb, Dispersion, Systematic Overlays) (FSAHAEAD)

akta.pro secondary industries

Quant Multi-Asset Risk Premia / Alternative Risk Premia (Carry, Value, Momentum, Defensive) (FSAHAEAI), Quant Research & Systematic Strategies (FSACAGAF), Multi-Strategy — Quant/Systematic Multi-Strategy (FSAHAFAH), Alternative Mutual Funds (Liquid Alts) (FSAAAEAH)

Keywords

• Options overlay strategies
• ETF asset management
• Interval fund solutions
• Private credit lending
• Investment advisory services

Headquarters

HQ city

Atlanta

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Investment Advisory Fees (AUM-based): Liquid Strategies generates revenue by charging investment advisory fees calculated as a percentage of assets under management (AUM). The firm manages approximately $1.8 billion across its ETF and interval fund product suite, with fee rates ranging from approximately 0.79% to 1.65% depending on the fund.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels6 records

Core offering

Liquid Strategies is an SEC-registered investment adviser that designs, manages, and distributes a suite of options-based OverlayShares ETFs and closed-end interval funds. The firm applies systematic put spread writing and laddered put option overlays on the S&P 500 Index to harvest the Volatility Risk Premium across multiple asset class beta exposures, and runs multi-strategy private credit interval funds, selling these vehicles primarily to financial advisors, RIAs, and institutional investors.

Product overview

Liquid Strategies offers a suite of Overlay Shares ETFs utilizing a proprietary put spread writing overlay strategy on the S&P 500 Index to generate incremental yield across multiple asset classes (large-cap equity, small-cap equity, foreign equity, core bond, municipal bond, short-term bond), along with hedged equity exposure through OVLH. The firm also manages two closed-end interval funds: the Niagara Income Opportunities Fund (multi-strategy private credit lending) and the Denali Structured Return Strategy Fund (income generation with call option spreads). Additionally, Liquid Strategies serves as sub-advisor on Kensington Hedged Premium Income ETF (KHPI) and Kensington Defender Fund (DFNDX). The firm targets both institutional and retail investors seeking income generation and risk management solutions.

Differentiator

Problem solved

Functional benefit

Brands

• Overlay Shares: Suite of ETFs utilizing put spread writing strategies on the S&P 500 Index to provide incremental yield on low-cost market beta ETFs
• Niagara Income Opportunities Fund
• Denali Structured Return Strategy Fund

Products and services

• Overlay Shares Large Cap Equity ETF (OVL) ETF providing incremental yield on U.S. large-cap equity allocations through a systematic put spread writing overlay on the S&P 500 Index, designed to generate supplemental option income while maintaining full upside participation. Intended for financial advisors, RIAs, and institutional and retail investors seeking risk-adjusted large-cap exposure.
• Overlay Shares Small Cap Equity ETF (OVS) ETF providing incremental yield on U.S. small-cap equity allocations through a put spread writing overlay on the S&P 500 Index, offering enhanced risk-adjusted returns with defined downside risk. Targets financial advisors and RIAs building diversified client portfolios.
• Overlay Shares Foreign Equity ETF (OVF) ETF providing incremental yield on international equity allocations through a put spread writing overlay on the S&P 500 Index. Designed for advisors seeking enhanced yield on developed-market international equity exposure.
• Overlay Shares Hedged Large Cap Equity ETF (OVLH) ETF maintaining full upside equity participation while providing downside protection through a laddered put option overlay strategy on the S&P 500 Index. Targets advisors and institutional investors seeking uncapped upside participation with systematic hedging.
• Overlay Shares Core Bond ETF (OVB) ETF providing incremental yield on broad investment-grade bond allocations through a put spread writing overlay on the S&P 500 Index, enhancing returns without adding credit or duration risk. For advisors seeking core fixed income exposure with an additional yield overlay.
• Overlay Shares Short Term Bond ETF (OVT) ETF providing incremental yield on short-term corporate bond allocations through a systematic put spread writing overlay on the S&P 500 Index. Suited to advisors seeking conservative fixed income exposure with an additional options-based yield.
• Overlay Shares Municipal Bond ETF (OVM) ETF providing incremental yield on municipal bond allocations through a put spread writing overlay, benefiting from Section 1256 tax treatment for index options. Designed for taxable investors and advisors managing tax-sensitive fixed income allocations.
• Niagara Income Opportunities Fund (NAGRX) Continuously offered, closed-end interval fund focused on current income generation through a multi-strategy portfolio of private and public credit investments with diversification, credit management, and liquidity management pillars. Targets institutional investors and RIAs seeking access to diversified private credit.
• Denali Structured Return Strategy Fund (DNLIX) Closed-end interval fund seeking income and capital appreciation through income-generating private credit investments and call option spreads on the S&P 500 Index, providing defined upside participation with quarterly resets. Targets RIAs and institutional investors and is available through Fidelity, Pershing, and Charles Schwab.
• Kensington Hedged Premium Income ETF (KHPI) ETF sub-advised by Liquid Strategies, managed by Kensington Asset Management and distributed by Quasar Distributors, focusing on hedged premium income strategies. Extends Liquid Strategies' options overlay expertise into an additional ETF wrapper for the Kensington platform.
• Kensington Defender Fund (DFNDX) Fund sub-advised by Liquid Strategies, managed by Kensington Asset Management, focusing on defensive investment strategies. Provides Liquid Strategies with sub-advisory reach into Kensington's distribution channels.

Quantifiable outcome

• OVL (Overlay Shares Large Cap Equity ETF) has outperformed the S&P 500 Total Return Index since inception in September 2019
• +4 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Six partnerships are on record, tiered minor and core.

• RevTek CapitalminorStrategic or Co-development Partner · 1 January 2025RevTek Capital is a credit-oriented investment firm focused on providing senior secured loans to medium-growth businesses with predictable recurring revenues. They represent a new strategy partner added to the Niagara Income Opportunities Fund portfolio in Q1 2025. RevTek targets the lower middle market with loan sizes typically ranging from $2 million to $10 million, focusing on niche markets with limited competition from institutional players.
• Foreside Fund Services, LLCcoreChannel Partner/ Reseller/ DistributorForeside Fund Services serves as the distributor for the OverlayShares ETF suite. The firm handles all regulatory distribution relationships for the ETF products. Foreside is not affiliated with Liquid Strategies as the investment adviser.
• Kensington Asset ManagementcoreChannel Partner/ Reseller/ DistributorLiquid Strategies serves as sub-adviser to Kensington Asset Management's Kensington Hedged Premium Income ETF (KHPI) and Kensington Defender Fund (DFNDX). Quasar Distributors, LLC distributes the funds. This subadvisory relationship extends Liquid Strategies' options overlay expertise into additional ETF wrappers.
• FidelitycoreChannel Partner/ Reseller/ DistributorFidelity serves as a brokerage platform for the Denali Structured Return Strategy Fund (DNLIX), allowing RIAs and institutional investors to purchase fund shares daily through Fidelity's platform.
• Charles SchwabcoreChannel Partner/ Reseller/ DistributorCharles Schwab offers the Denali Structured Return Strategy Fund (DNLIX) to clients upon request, providing additional distribution access for the interval fund through a major retail brokerage platform.
• SMArtX Advisory SolutionscoreChannel Partner/ Reseller/ DistributorLiquid Strategies' investment strategies are available on the SMArtX Advisory Solutions Manager Marketplace platform, which expanded to 388 partner firms and 2,668 investment strategies as of January 2026. The platform provides advisors with comprehensive marketplace access to meet specific client needs.

Scale indicators5 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Innovator ETFs: Innovator pioneered defined-outcome and buffer ETFs (e.g., Innovator S&P 500 Buffer ETF series) using options to cap/buffer returns. Its systematic options-based wrapper approach overlaps directly with OVLH's laddered put hedge and Denali's call spread product.
• Griffin Capital: Griffin Capital operates interval funds and continuously-offered non-traded products (e.g., Griffin Institutional Access Real Estate, interval credit funds) — directly comparable to the Niagara and Denali interval fund structures Liquid Strategies uses for its private credit and structured return products.
• Simplify Asset Management: Simplify is an ETF issuer that builds options-based income and hedged equity strategies (e.g., Simplify Tail Risk, Simplified Volatility Premium) using systematic overlays on index options — a near-direct parallel to OverlayShares' put spread writing and laddered put products.
• Vest Financial: Vest offers buffered and outcomes-based ETFs (e.g., Vest S&P 500 Buffer Strategies) built on options overlays for retail and advisor channels — directly comparable to the hedged and overlay ETF suite at Liquid Strategies.
• Crescent Capital Group: Crescent operates interval funds and BDCs focused on private credit (e.g., Crescent Direct Lending funds) — closely comparable to Liquid Strategies' Niagara Income Opportunities Fund in structure, strategy, and target investor base.
• Alpha Architect: Alpha Architect is a quant-driven ETF sponsor (e.g., QVAL, QMOM) that uses systematic factor and quantitative strategies in ETF wrappers. The firm shares Liquid Strategies' focus on rules-based, factor-tilted exposures distributed through Fidelity, Schwab, and other broker-dealers.
• Cambria Investment Management: Cambria runs options-based ETFs (e.g., Cambria Tail Risk, Cambria Equity Premium Yield) that use systematic put writing and call overlays — a direct comparable to Liquid Strategies' Volatility Risk Premium harvesting ETFs.
• Aptus Capital Advisors: Aptus runs a defined-risk ETF suite (e.g., Aptus Large Cap Enhanced Yield, Aptus Drawdown Managed Equity) that uses options overlays (covered calls, collars) to generate income on equity and bond ETFs — directly comparable to Liquid Strategies' overlay stack.

Broad incumbents

• First Trust: First Trust is a large, established ETF sponsor with a long-running line of buffered, hedged, and options-income ETFs (e.g., FT Cboe Vest, FT Hedged BuyWrite). It is a broader incumbent in the same options-overlay ETF category, with significantly more AUM and product breadth.
• AGFiQ (AGF Investments): AGFiQ runs a quantitative ETF platform (e.g., AGFiQ US Market Neutral Value, AGFiQ Diversified Alternatives) that uses systematic factor and risk-premium strategies. It is a larger, broader quantitative asset manager overlapping with Liquid Strategies' systematic approach.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/overlayshares
• LinkedInlinkedin.com/company/liquid-strategies-llc

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Liquid Strategies