OMAH vs SPYI: Which Is the Better Pick in 2026?

Overview

OMAH and SPYI are both actively managed options-income ETFs that generate monthly distributions through call-writing strategies on equity positions. OMAH focuses on a single holding—Berkshire Hathaway Class B—with a 15% distribution target, while SPYI tracks the broad S&P 500 Index and targets 12.26% annual yield in a tax-efficient framework. The key distinction is concentration versus diversification: OMAH's entire portfolio sits in one stock, whereas SPYI spreads its options overlay across 500 companies.

How they differ

The most fundamental difference is asset exposure. OMAH owns only BRK.B shares and writes calls against that single position, making it a leveraged income play on Berkshire's business. SPYI holds the S&P 500 and applies a systematic call-writing strategy across the index, distributing income monthly.

On yield and structure, OMAH targets 14.89% annually versus SPYI's 12.26%, reflecting the higher income concentration in a single-name strategy. SPYI's 0.68% expense ratio undercuts OMAH's 0.95%, a 27 basis-point gap that compounds over time. SPYI also carries significantly higher AUM at $6.20B compared to OMAH's $831M, suggesting more established liquidity and institutional adoption since SPYI's August 2022 inception—OMAH launched in March 2025.

Risk profiles diverge sharply by beta: OMAH's 0.3287 beta reflects its concentrated Berkshire position and muted correlation to broad market moves, while SPYI's 0.69 beta suggests closer tracking to S&P 500 volatility.

Who each is best for

OMAH: Fits investors seeking concentrated income from a single high-quality holding, with a higher distribution target and lower market sensitivity, who accept the tradeoff of single-stock risk for potentially higher monthly cash flow.

SPYI: Designed for investors wanting broad equity exposure via index diversification combined with systematic income generation, who prioritize lower expenses and a more tax-efficient structure alongside moderate market-level volatility.

Key risks to know

• NAV erosion at high yields. OMAH's 14.89% distribution rate approaches sustainability thresholds; distributions at this level may include meaningful return-of-capital components, gradually eroding share price unless underlying capital appreciation offsets the payout.

• Single-stock concentration risk. OMAH's entire position in BRK.B creates idiosyncratic vulnerability: earnings disappointment, management transitions, or regulatory shifts affecting Berkshire would directly compress both the underlying and the fund's ability to sustain its call-writing income.

• Call-assignment and upside cap. Both funds' call-writing strategies limit capital appreciation potential; if their underlying holdings (or the S&P 500 for SPYI) rally sharply, shares may be called away at strike prices, capping gains and forcing reinvestment at potentially higher entry points.

• Newness and track record. OMAH's March 2025 inception means there is no multi-year performance history or evidence that its 15% target is achievable across a full market cycle; SPYI's nearly three-year track record provides more visibility into how the strategy behaves during volatile periods.

• Tax efficiency variance. SPYI explicitly targets tax-efficient distribution treatment; OMAH does not highlight this feature, suggesting distributions may carry higher ordinary income or return-of-capital fractions, reducing after-tax yield for taxable account holders.

Bottom line

If you want concentrated income from a quality blue-chip business with minimal market correlation, OMAH's higher yield and low beta appeal—but its newness and single-name risk demand careful monitoring. If you prefer broad diversification, lower fees, and a longer track record, SPYI's S&P 500 exposure and tax-conscious approach offer a more traditional equity-income solution. Past performance does not guarantee future results, and both strategies' high yields depend on market conditions and call-writing success.