OVM Fees and Costs — Overlay Shares Municipal Bond ETF
Data updated: 2026-07-30
The net expense ratio is 0.81%. There are no sales loads or redemption fees. In fiscal 2024 the fund paid $5K in broker commissions, 0.0290% of average net assets, and portfolio turnover was 7%.
OVM Fees and Expenses
Annual operating expenses and sales charges of OVM. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.75% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.01% |
| Gross expense ratio | 0.81% |
| Fee waiver | — |
| Net expense ratio | 0.81% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
OVM Costs Over Time
On $10,000 invested in OVM, assuming 5% a year before costs, total costs come to $526 over 5 years, cutting the return by 0.88% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.81%) | $85 | $266 | $462 |
| Trading costs (broker commissions) | $3 | $10 | $17 |
| Lost growth on money paid in costs | $0 | $14 | $48 |
| Total costs | $88 | $289 | $526 |
| Value after costs | $10,412 | $11,287 | $12,236 |
| Impact on return, per year | 0.88% | 0.88% | 0.88% |
OVM Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending August 31, 2024.
- Explicit cost rate (commissions ÷ average net assets): 0.0290%
- Total broker commissions: $5K
- Bought from dealers (principal trades, not a cost): —
- Portfolio turnover (prospectus): 7%
- Securities lending: none during the year
OVM Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Pershing LLC | $4K | 76.89% |
| Mischler Financial Group Inc | $1K | 23.11% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.