Overlay Shares Announces Change to Investment Objective and Strategy for the Overlay Shares Hedged Large Cap Equity ETF (OVLH)

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ATLANTA--(BUSINESS WIRE)--Dec 1, 2025--

Overlay Shares announced today that, effective December 31, 2025, the Overlay Shares Hedged Large Cap Equity ETF (OVLH) (the “Fund”) will adopt a new investment objective and revise certain principal investment strategies.

Effective December 31, 2025, the Fund’s investment objective will change to seeking long-term capital appreciation while mitigating overall market risk. In connection with this change, the Fund will also revise its investment approach. The Fund will invest in one or more exchange-traded funds that provide exposure to U.S. large-cap equity securities, or directly in the securities held by such ETFs, and will purchase long-term, out-of-the-money put options to seek to hedge against significant declines in U.S. large-cap equities. These put option positions will generally consist of contracts with expirations ranging from six to 18 months.

As part of this transition, the Fund will no longer sell put options to generate income as part of its principal investment strategy. All corresponding changes to the Fund’s principal investment strategies and principal investment risks will take effect on December 31, 2025.

Investors should review the Fund’s updated Prospectus and Summary Prospectus for additional information.

About Overlay Shares

Overlay Shares offers a suite of exchange-traded funds designed to provide risk-aware exposure to U.S. equity markets through disciplined overlay strategies. The ETFs are advised by Liquid Strategies, LLC, an investment adviser based in Atlanta, Georgia. Overlay Shares is a series of Listed Funds Trust.

Important Information

The Fund’s investment objectives, risks, charges, and expenses must be considered carefully before investing. The prospectus contains this and other important information about the investment company. For a prospectus or summary prospectus with this and other important information about the Fund, please visit www.lSfunds.com/funds or call 1-800-632-4027. Read the prospectus carefully before investing.

Distributed by Foreside Fund Services, LLC, which is not affiliated with the Adviser.

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Mobile: 703-595-3707

KEYWORD: GEORGIA UNITED STATES NORTH AMERICA CANADA

INDUSTRY KEYWORD: OTHER PROFESSIONAL SERVICES PROFESSIONAL SERVICES ASSET MANAGEMENT

SOURCE: Overlay Shares

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PUB: 12/01/2025 04:00 PM/DISC: 12/01/2025 04:00 PM

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