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ETF Comparison

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

A side-by-side comparison of VistaShares Target 15 Berkshire Select Income ETF, NEOS Nasdaq-100 High Income ETF and NEOS S&P 500 High Income ETF covering yield, cost, risk, and income potential.

Data updated August 19, 2026

Best for

  • OMAHInvestors who want to maximize current income — roughly 15.11%, generated by selling options premium.
  • QQQIInvestors who want to maximize current income — roughly 14.20%, generated by selling options premium.
  • SPYIInvestors who are comfortable trading away most upside for a large, steady payout.

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Visual comparison

Key metrics

Projected income on $10K

Projections assume the current yield and share price remain constant. Actual results will vary.

Total returns

SPYI tops the group over the trailing twelve months with a 16.82% total return, against OMAH at 10.97% and QQQI at 16.45%. Figures are total returns: price change plus every distribution reinvested.

Total return and risk statistics by fund. Each row is one fund; each column is one period or statistic.
SymbolYTD1YSince Mar 2025Volatility Sharpe Sortino Max drawdown
OMAH7.75%10.97%10.25%8.5%0.700.97-3.2%
QQQI9.73%16.45%20.16%16.5%0.650.91-9.6%
SPYI9.34%16.82%18.01%10.7%1.031.46-7.7%

Total return with all distributions reinvested on the ex-dividend date, split-adjusted, as of August 19, 2026. YTD and 1Y are cumulative; longer windows are annualized. “Since Mar 2025” measures every fund from March 5, 2025 — the youngest fund's first trading day — so all funds share one comparison window. Volatility is the annualized standard deviation of daily total returns over the past year. Sharpe and Sortino divide the annualized return in excess of the risk-free rate by, respectively, that volatility and the downside deviation (both over the past year) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.

Side-by-side snapshot

Side-by-side snapshot. Each row is one metric; each column is one fund.
MetricOMAHQQQISPYI
Full nameVistaShares Target 15 Berkshire Select Income ETFNEOS Nasdaq-100 High Income ETFNEOS S&P 500 High Income ETF
IssuerVistaSharesNEOSNEOS
Last Close$18.50 as of August 19, 2026$55.07 as of August 19, 2026$54.04 as of August 19, 2026
Distribution yield15.11%14.20%12.04%
Distribution Safety Score™ 798490
Expense ratio0.98%0.68%0.68%
AUM$1.06B$14.2B$11.6B
Distribution frequencyMonthlyMonthlyMonthly
Underlying indexBerkshire Hathaway Class B (BRK.B, ~10%) plus the 20 highest-valued U.S.-listed positions in Berkshire's latest 13F, with an options overlayNASDAQ 100S&P 500 Index
ObjectiveActively managed options income ETF that seeks a 15% annual distribution target by holding Berkshire Hathaway Class B shares alongside the 20 highest-valued U.S.-listed positions disclosed in Berkshire's latest 13F, with an actively managed options overlay for monthly cash flow.Seeks to generate high monthly income in a tax efficient manner while targeting equity appreciation.Seeks to generate high monthly income in a tax efficient manner while targeting equity appreciation.
Asset classEquityEquityEquity
Inception date03/05/202501/29/202408/29/2022
Beta0.32871.05530.7
Last dividend$0.2330$0.6518$0.5423
Ex-dividend date07/27/202608/19/202608/19/2026

How the risk works

Read this before the income numbers below: the strategy mechanics on this page shape what those payouts can cost you.

  • Capped upside and premium dependence. OMAH, QQQI, and SPYI generate income by selling options, which trades away part of a strong rally in exchange for premium. Distributions can include return of capital, and a payout the underlying assets cannot sustain shows up as NAV erosion over time — the big yield number is not free.

Learn the mechanics: Return of capital, explained · NAV erosion, explained

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Income calculator

See how much monthly income a hypothetical investment would generate in each ETF at current yields.

VistaShares
ETFs11
Total AUM$2.22B

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

VistaShares operates a focused lineup of 9 ETFs organized around thematic investment families including BitBonds, Supercycle, and Target 15, targeting investors seeking specialized exposure beyond traditional broad-market strategies. The firm's fund portfolio, featuring tickers such as ACKY, POW, and QUSA, emphasizes sector-specific and alternative investment themes rather than conventional dividend or income-focused approaches. VistaShares serves investors looking for differentiated exposure to emerging trends and niche market segments through a compact but specialized ETF offering.

See our curated list of related YouTube videos on OMAH.

See all VistaShares ETFs
NEOS
ETFs19
Total AUM$32.2B

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

NEOS is known for developing specialized income-focused ETFs that employ strategies like covered calls, hedging, and enhanced yields across various asset classes. The firm manages 19 funds organized into nine distinct families, including offerings in equity high income, fixed income enhancement, digital assets, and alternative strategies, with popular tickers like SPYI (S&P 500 covered call), QQQI (Nasdaq-100 covered call), and QQQH (Nasdaq-100 hedged equity income). NEOS distinguishes itself in the ETF landscape through its emphasis on income generation and downside protection strategies rather than traditional growth approaches.

See our curated list of related YouTube videos on QQQI and SPYI.

See all NEOS ETFs

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Quick verdict

OMAH (VistaShares Target 15 Berkshire Select Income ETF), QQQI (NEOS Nasdaq-100 High Income ETF), SPYI (NEOS S&P 500 High Income ETF) are dividend ETFs that take different approaches.

OMAH offers the highest reported yield at 15.11%, followed by QQQI at 14.20%, SPYI at 12.04%.

QQQI and SPYI tie for the lowest expense ratio at 0.68%, compared to 0.98% for OMAH.

QQQI is the largest fund by assets ($14.2B), which generally means tighter spreads and better liquidity.

Deep dive

Yield & income

On a $10,000 investment: OMAH generates ~$125.92/month, QQQI generates ~$118.33/month, SPYI generates ~$100.33/month at current distribution rates.

OMAH yield15.11%
QQQI yield14.20%
SPYI yield12.04%

Cost & efficiency

Over 10 years on $10,000: OMAH costs ~$980, QQQI costs ~$680, SPYI costs ~$680 in fees (simplified, not compounded).

OMAH ER0.98%
QQQI ER0.68%
SPYI ER0.68%

Strategy & risk

OMAH is actively managed around Berkshire Hathaway Class B (BRK.B, ~10%) plus the 20 highest-valued U.S.-listed positions in Berkshire's latest 13F, with an options overlay exposure with a target approach; QQQI tracks NASDAQ 100 with an options approach; SPYI tracks S&P 500 Index with an options approach.

OMAH beta0.3287
QQQI beta1.0553
SPYI beta0.7

Fund details

OMAH is managed by VistaShares (launched 03/05/2025) with $1.06B in assets. QQQI is managed by NEOS (launched 01/29/2024) with $14.2B in assets. SPYI is managed by NEOS (launched 08/29/2022) with $11.6B in assets.

OMAH AUM$1.06B
QQQI AUM$14.2B
SPYI AUM$11.6B
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Frequently asked questions

Which of OMAH, QQQI, SPYI is best for dividend income?

It depends on your goals. OMAH currently offers the highest reported distribution yield, which means more income per dollar invested. However, a lower-yield fund may offer better total return or lower volatility, and funds without an established distribution history have no comparable yield to evaluate. Consider your time horizon and risk tolerance.

What is the difference between OMAH, QQQI, SPYI?

OMAH (VistaShares Target 15 Berkshire Select Income ETF) is actively managed around Berkshire Hathaway Class B (BRK.B, ~10%) plus the 20 highest-valued U.S.-listed positions in Berkshire's latest 13F, with an options overlay exposure with a target approach, issued by VistaShares. QQQI (NEOS Nasdaq-100 High Income ETF) tracks NASDAQ 100 with an options approach, issued by NEOS. SPYI (NEOS S&P 500 High Income ETF) tracks S&P 500 Index with an options approach, issued by NEOS.

Can I hold OMAH, QQQI, SPYI together?

Yes — nothing prevents holding them together. Whether the combination actually diversifies depends on how much the underlying exposures overlap, which isn't fully measurable from the data on this page; review each security's holdings, sector, and strategy before treating them as complementary.

Which of OMAH, QQQI and SPYI is safest?

By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — SPYI scores 90, QQQI scores 84, OMAH scores 79, so SPYI's payout currently looks the more resilient of the group. OMAH has also shown lower price volatility (beta 0.33 vs 1.06 for QQQI). No score makes an investment risk-free — treat this as a screening signal, not a guarantee, and the leverage, options-income, or crypto caveats flagged on this page apply regardless of score.

Which has the lowest fees among OMAH, QQQI, SPYI?

OMAH has an expense ratio of 0.98%, QQQI has an expense ratio of 0.68%, SPYI has an expense ratio of 0.68%. Lower fees mean more of your investment returns stay in your pocket over time.

How much income does $10,000 generate in each?

$10,000 in OMAH yields ~$125.92/month ($1,511.00/year). $10,000 in QQQI yields ~$118.33/month ($1,420.00/year). $10,000 in SPYI yields ~$100.33/month ($1,204.00/year).

More comparisons to explore

OMAH vs QQQI vs SPYI — at a glance

Generated August 15, 2026.

Figures quoted in this analysis are from its generation date and may lag the live snapshot table above, which always shows the latest data.

Overview

These three ETFs pursue high monthly income through options strategies overlaid on equity portfolios, but with distinctly different underlying exposure and risk profiles. OMAH targets a 15% annual distribution by holding Berkshire Hathaway and its top 20 portfolio holdings with an active options overlay. QQQI and SPYI both use derivative overlays on broad index exposure—the Nasdaq-100 and S&P 500 respectively—to generate 13.66% and 11.69% yields while claiming tax efficiency. The key difference is concentration: OMAH bets on one investor's stock picks plus options, while QQQI and SPYI distribute risk across 100 and 500 companies, though with higher market sensitivity.

How they differ

OMAH's biggest structural difference is its heavy reliance on a single portfolio manager's stock selection (Berkshire Hathaway's 13F) plus Berkshire stock itself, versus QQQI and SPYI's broad index underlyings. That concentration shows in beta: OMAH's 0.3287 reflects its defensive tilt and narrow base, while QQQI runs 1.0553 (nearly market-speed moves) and SPYI sits at 0.7.

On yield, OMAH targets the highest payout at 15.05%, compared to QQQI's 13.66% and SPYI's 11.69%. All three distribute monthly and charge similar or near-similar costs—OMAH's 0.98% expense ratio stands apart from the NEOS twins' shared 0.68%. QQQI ($13.9B AUM) dwarfs the others in scale; OMAH is newer (inception March 2025) and smallest at $1.02B, while SPYI ($11.4B) has operated since August 2022, giving it longer history.

The options mechanics differ by design: OMAH actively manages its overlay month to month, while QQQI and SPYI explicitly target tax efficiency as part of their derivative strategy. That tax framing is NEOS's selling point; OMAH does not emphasize it.

Who each is best for

OMAH: Fits investors who believe in Berkshire's stock-picking discipline and want to compress that conviction into a higher-yield vehicle, while tolerating options leverage and monthly cash flow rather than capital appreciation.

QQQI: Designed for growth-leaning income seekers who want tech-heavy (Nasdaq-100) exposure paired with a yield lift and are comfortable with near-market-speed volatility and options-derived income.

SPYI: Matches investors seeking broad U.S. large-cap equity income with a lower beta than the overall market, prioritizing lower volatility alongside monthly payouts and tax-friendly options mechanics.

Key risks to know

  • NAV erosion at unsustainably high yields. OMAH's 15.05% target and QQQI's 13.66% rate leave little room for negative returns or flat markets before distributions begin drawing down principal; longer-term NAV decay is a material risk if underlying appreciation doesn't match distribution levels.
  • Options assignment and roll risk. All three use covered calls or similar overlays to generate income; if equity prices rise sharply, call assignments can cap upside, and aggressive rolling for higher premiums in declining markets may lock in losses.
  • Concentration in OMAH's active strategy. Holding Berkshire's 20 largest positions (plus BRK.B itself) creates significant overlap risk if those mega-cap stocks (likely including Apple, American Express, Chevron) underperform or face sector headwinds; the "active" label masks that this is a bet on one manager's 13F snapshot.
  • Beta and market regime sensitivity. QQQI's beta above 1.0 means it amplifies downturns in tech sell-offs; SPYI's 0.7 beta provides less cushion than it may suggest if options strategies unwind and the S&P 500 reprices lower. OMAH's low beta offers defensive appeal but may underperform in broad equity rallies.
  • Limited performance history. OMAH launched in March 2025 and QQQI in January 2024, so both lack a full market cycle to demonstrate whether their yield targets hold through volatility or recession.

Bottom line

If you want maximum income and believe in Berkshire's stock-picking edge, OMAH's 15% yield and low beta appeal; if you prioritize diversification and tax efficiency across growth-oriented or core equity exposure, QQQI (tech-focused, market-speed moves) and SPYI (broad-based, lower volatility) offer larger scale and longer track records. All three carry the structural risk that monthly distributions exceeding underlying returns may erode NAV over time—monitor their price-to-NAV gaps and quarterly performance reports to confirm whether distributions are income-driven or capital-driven. Past performance does not predict future results.

AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.

Learn the method

The metrics behind this comparison, explained in the Academy.

How covered-call funds work How to read a fund's stats The covered-call opportunity cost T-bills vs. money market funds vs. CDs

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