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 U.S. large-cap equity securities or directly in the securities held by such ETFs (collectively, the “Underlying Investments”), and (ii) purchasing long-term out-of-the-money put options (i.e., put options with a strike price below the current price of the reference asset) to seek to hedge against significant declines in U.S. large-cap equities.

Vanguard S&P 500 ETF

Technology

Financial Services

Communication Services

Healthcare

Consumer Cyclical

Industrials

Consumer Defensive

Energy

Utilities

Real Estate

Overlay Shares Hedged Large Cap Equity ETF

OVLH Holdings & Sector Breakdown