OMAH vs QQQI vs SPYI: Which Fits Each Goal in 2026?

Overview

OMAH, QQQI, and SPYI are all equity-based ETFs using options overlays to generate monthly income above typical stock market yields. OMAH targets a 15% distribution rate by holding Berkshire Hathaway and its 20 largest disclosed equity positions with an active options strategy. The core distinction is underlying exposure: concentrated Berkshire-anchored positions versus broad index baskets.

How they differ

OMAH's biggest difference is its concentrated portfolio anchored to Berkshire Hathaway Class B (roughly 10% of holdings) plus the 20 highest-valued stocks in Berkshire's 13F filing—a curated equity list, not an index. QQQI and SPYI both track established indexes (Nasdaq-100 and S&P 500), so they reflect market breadth rather than active stock selection. OMAH targets the highest distribution rate at 15.37%, compared to 13.56% for QQQI and 11.95% for SPYI. All three employ covered-call options strategies, but OMAH's inception date of 03/05/2025 means it has the shortest track record by a wide margin; SPYI launched 08/29/2022, and QQQI 01/29/2024. OMAH carries the highest expense ratio at 0.98%, while QQQI and SPYI both charge 0.68%. OMAH also reports a notably lower beta (0.3287) versus 1.0553 for QQQI and 0.7 for SPYI, reflecting its concentrated, lower-volatility positioning.

Who each is best for

OMAH: Fits investors seeking a concentrated, income-tilted equity allocation built around a proven investor's playbook—combining Berkshire's largest disclosed holdings with a 15% income target—and willing to accept more concentrated risk and a newly launched fund structure for the higher distribution yield.

QQQI: Designed for investors who want broad tech-sector equity exposure via the Nasdaq-100 combined with monthly options income, and who prefer a larger, more established fund with over 2 years of performance history.

SPYI: Fits investors targeting broad U.S. equity market exposure via the S&P 500 with a monthly covered-call income stream, preferring the longest operating history among the three and the most traditional index-based framework.

• Concentration and sector risk in OMAH. Anchoring ~10% to Berkshire Hathaway plus its top 20 disclosed holdings creates meaningful overlap with Berkshire's own portfolio holdings and biases the fund toward value, financials, and consumer sectors rather than broad diversification.

• Covered-call income cap risk across all three. Options strategies cap upside if the underlying index or portfolio rallies sharply, since call options are sold to generate current income. Investors give up significant gains if markets experience a strong rally.

• Limited performance history for OMAH. With an inception date of 03/05/2025, the fund has experienced only a narrow market regime and lacks a full market cycle to demonstrate whether its 15% target is sustainable across rising rates, recessions, or extended bull markets.

• Options volatility and dividend timing. All three funds' monthly distributions depend on successfully rolling options positions in potentially volatile markets; disruptions to options market liquidity or spikes in implied volatility could reduce the cash generated from the overlay strategy.

Bottom line

OMAH appeals to investors comfortable with concentrated Berkshire-linked exposure and the highest stated income target, accepting a newly launched fund and premium expense ratio for active stock selection. QQQI and SPYI offer broader diversification via indexes, with QQQI emphasizing tech through the Nasdaq-100 and SPYI providing classic large-cap U.S. market coverage; both carry lower fees and longer track records. The tradeoff is yield-versus-upside: all three sacrifice capital gains potential through covered calls to fund their distributions. Past performance does not predict future results, especially for OMAH, which carries limited history.