Overlay Shares

What Overlay Shares does

Liquid Strategies, LLC, operating under the brand name Overlay Shares, is an Atlanta-based SEC-registered investment adviser founded in 2013 by industry veterans. The firm specializes in options-based overlay strategies packaged as exchange-traded funds (ETFs) and interval funds, with the stated objective of making previously institutional-only investment approaches accessible to a broader investor base. As of July 2, 2026, the firm reported assets under management of approximately $1.86 billion across its product suite. The firm is headquartered at 3550 Lenox Rd NE, Suite 2550, Atlanta, GA, and earns revenue primarily through investment advisory fees on AUM.

The firm's core offering is a suite of seven Overlay Shares ETFs spanning U.S. large-cap equity (OVL), small-cap equity (OVS), foreign equity (OVF), hedged large-cap equity (OVLH), core bond (OVB), short-term bond (OVT), and municipal bond (OVM). Liquid Strategies applies proprietary options-based overlay strategies to these underlying exposures with the stated objectives of generating income, providing hedging, and improving risk-adjusted returns. Beyond listed ETFs, the firm manages two private interval funds — the Niagara Income Opportunities Fund and the Denali Structured Return Strategy Fund — and serves as sub-adviser to the Kensington Hedged Premium Income ETF (KHPI) and Kensington Defender Fund (DFNDX) managed by Kensington Asset Management.

The OverlayShares ETFs are distributed by Foreside Fund Services, LLC; the KHPI and DFNDX funds are distributed by Quasar Distributors, LLC. The firm's go-to-market separates institutional investors (primary segment), retail investors, and financial professionals into distinct contact channels. Distribution occurs through exchange listings, a sub-advisory channel via Kensington Asset Management, and direct separately managed account services delivered by Liquid Strategies. Marketing is supported by an insights blog, educational content, and webinars targeted at both financial advisors and retail audiences. The firm is privately held with no disclosed parent company, no disclosed institutional investors, and no funding rounds in the available data.

Name

Overlay Shares

Legal name

Liquid Strategies, LLC

Website

https://overlayshares.com

Company type

Private

Founded year

2013

Operating status

Operating

Headcount range

1–10 employees

Short description

Liquid Strategies, LLC (DBA Overlay Shares) is an Atlanta-based SEC-registered investment adviser managing options-based overlay ETFs and interval funds. Founded in 2013, the firm reported approximately $1.86 billion in assets under management as of July 2026.

Ownership category

akta.pro rank

Product category

Active ETF and Interval Fund Management

NAICS

Open-End Investment Funds (52591), Open-End Investment Funds (525910), Other Investment Pools and Funds (5259), Portfolio Management and Investment Advice (52394), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Investment Advice (6282), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Multi-Asset & Allocation ETFs (Balanced, Target Risk) (FSAAAFAF)

akta.pro secondary industries

Balanced & Allocation (Multi-Asset) Funds (FSAAAEAD), Multi-Asset Income Funds (Diversified Income) (FSAAAJAG), Multi-Strategy — Multi-Asset Tactical / Opportunistic Trading (FSAHAFAJ)

Keywords

• Options-based ETFs
• Overlay strategies
• Investment management
• Interval funds
• Active ETFs

Headquarters

HQ city

Atlanta

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Investment Advisory Fees: Liquid Strategies LLC serves as Investment Adviser to the Funds and manages the Overlay Strategies, earning management fees on ETFs and interval funds under management.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

Liquid Strategies, LLC, operating under the Overlay Shares brand, manages a suite of options-based overlay ETFs (OVL, OVS, OVF, OVLH, OVB, OVT, OVM) and interval funds (Niagara Income Opportunities Fund, Denali Structured Return Strategy Fund). The funds apply proprietary overlay strategies that use options to generate income, hedge risk, and enhance risk-adjusted returns across U.S. equity, foreign equity, and fixed-income exposures, making previously institutional-only strategies accessible to a wider investor base.

Product overview

Overlay Shares is a suite of exchange-traded funds (ETFs) managed by Liquid Strategies, offering options-based overlay strategies across equity and fixed income asset classes. The product lineup includes seven distinct ETFs: OVL (Large Cap Equity), OVS (Small Cap Equity), OVF (Foreign Equity), OVLH (Hedged Large Cap Equity), OVB (Core Bond), OVT (Short Term Bond), and OVM (Municipal Bond). These ETFs are distributed by Foreside Fund Services, LLC and apply overlay strategies to enhance risk-adjusted returns. Liquid Strategies also offers private fund alternatives including the Niagara Income Opportunities Fund and Denali Structured Return Strategy Fund, which provide access to private credit and structured return strategies typically reserved for institutional investors.

Differentiator

Problem solved

Functional benefit

Brands

• Overlay Shares: Brand name for the suite of ETFs managed by Liquid Strategies, including OVL (Large Cap Equity), OVS (Small Cap Equity), OVF (Foreign Equity), OVLH (Hedged Large Cap Equity), OVB (Core Bond), OVT (Short Term Bond), and OVM (Municipal Bond).

Products and services

• Overlay Large Cap Equity ETF (OVL) An exchange-traded fund providing exposure to large-cap U.S. equities using Liquid Strategies' options-based overlay framework to seek enhanced risk-adjusted returns and income generation.
• Overlay Small Cap Equity ETF (OVS) An ETF providing exposure to U.S. small-cap equities combined with Liquid Strategies' options-based overlay strategies for income and risk management.
• Overlay Foreign Equity ETF (OVF) An ETF providing exposure to foreign/international equities using Liquid Strategies' overlay strategies to seek enhanced risk-adjusted returns.
• Overlay Hedged Large Cap Equity ETF (OVLH) An ETF pairing large-cap U.S. equity exposure with overlay-based hedging strategies to manage downside risk and seek income.
• Overlay Core Bond ETF (OVB) An ETF providing core U.S. fixed-income exposure combined with Liquid Strategies' bond overlay strategies to seek income and risk-adjusted returns.
• Overlay Short Term Bond ETF (OVT) An ETF providing exposure to short-term bonds using Liquid Strategies' overlay strategies for income and risk management.
• Overlay Municipal Bond ETF (OVM) An ETF providing exposure to municipal bonds using Liquid Strategies' overlay strategies, targeting tax-advantaged income.
• Niagara Income Opportunities Fund A private credit interval fund offering access to private credit strategies typically reserved for institutional investors; managed by Liquid Strategies as Investment Adviser.
• Denali Structured Return Strategy Fund An interval fund implementing Liquid Strategies' structured-return overlay strategies to provide institutional-style structured return solutions accessible to qualifying investors.

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Two partnerships are on record, tiered core.

• Foreside Fund Services, LLCcoreChannel Partner/ Reseller/ DistributorForeside Fund Services, LLC serves as the distributor for OverlayShares ETFs. The distributor is not affiliated with the Adviser (Liquid Strategies).
• Kensington Asset Management, LLCcoreChannel Partner/ Reseller/ DistributorKensington Asset Management manages the Kensington Hedged Premium Income ETF (KHPI) and Kensington Defender Fund (DFNDX), which are sub-advised by Liquid Strategies, LLC. Quasar Distributors, LLC distributes these funds.

Scale indicators2 records

Recent moves5 records

Expansion highlights4 records

Direct peers

• Amplify ETFs: Amplify offers a comparable specialty ETF lineup with options-based income and thematic strategies. The firm competes head-to-head with Overlay Shares for advisor shelf space in the income and hedged-equity categories.
• Cambria Investment Management: Cambria runs a comparable boutique line of ETFs and mutual funds using options-based and tactical strategies to enhance risk-adjusted returns. Its scale, product breadth, and options-overlay approach closely mirror Liquid Strategies' positioning in the advisor channel.
• Innovator ETFs: Innovator pioneered defined-outcome and buffered ETFs that use options to shape payoffs, the same derivative-overlay toolkit Overlay Shares uses. Both firms target advisor and retail investors seeking risk-managed equity exposure with options-based structuring.
• Allianz Investment Management (AllianzIM): AllianzIM launched a focused lineup of options-based buffered and income ETFs (e.g., AZAA, AZBA, AZBO) directly targeting retail and advisor demand for hedged-equity exposure. The product design and overlay approach are very similar to Overlay Shares' hedged large cap and equity-overlap ETFs.
• YieldMax: YieldMax operates a suite of options-income ETFs that sell covered call spreads on single stocks and ETFs, directly competing with Overlay Shares' options-overlay strategies for income-oriented retail and advisor capital. Both firms target the same maturity-constrained, capped-upside trade-off in overlapping equity asset classes.
• Simplify Asset Management: Simplify manages ETFs that use options-based overlays for income, hedging, and volatility management. Its product philosophy of layering derivatives on underlying exposures is essentially the same model Overlay Shares employs across its OVL, OVS, OVF, OVLH, OVB, OVT, and OVM lineup.

Broad incumbents

• First Trust: First Trust is a larger, established ETF and closed-end fund sponsor with multiple income and options-overlay strategies. While broader in mandate, it competes with Overlay Shares in the advisor-sold equity-income and hedged-equity segments.
• WisdomTree: WisdomTree is a global ETF provider with a sizable suite of options-enhanced equity and fixed income ETFs. Its established U.S. distribution and brand recognition make it a broader-incumbent competitor for advisor dollar allocation versus Overlay Shares' narrower, overlay-focused range.
• Global X ETFs: Global X is a much larger multi-thematic ETF issuer that offers several options-income and covered-call funds (e.g., Nasdaq 100 Covered Call, Russell 2000 Covered Call). It competes with Overlay Shares in the same advisor-channel income category but operates at substantially greater scale across many themes.
• Invesco (Invesco QQQ, Invesco S&P 500 BuyWrite ETF): Invesco is a major global asset manager with multiple options-overlay ETFs (e.g., BuyWrite on SPY, NASDAQ-100 BuyWrite). It dwarfs Overlay Shares in scale but overlaps in offering derivatives-based income and risk-managed equity ETFs.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

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 Overlay Shares