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

Overview

OMAH and SPYI are both actively managed equity ETFs that generate high monthly income through systematic call-writing on their underlying holdings. OMAH focuses exclusively on Berkshire Hathaway Class B shares with a 15% distribution target, while SPYI owns the full S&P 500 index and targets an 11.87% yield. Both use options overlays to create cash flow, but they differ fundamentally in concentration, diversification, and asset base.

How they differ

The single biggest difference is concentration: OMAH owns only Berkshire Hathaway, while SPYI holds the entire S&P 500. This means OMAH's distribution and principal value hinge entirely on one company's stock and earnings power, whereas SPYI spreads options income across 500 holdings. Second, OMAH targets a higher yield (14.68% versus 11.87%) and charges a higher expense ratio (0.95% versus 0.68%), which reflects its active, single-stock strategy. Third, OMAH is brand new (inception March 2025) with $831M in assets, while SPYI has been running since August 2022 and manages $10.5B, giving SPYI a longer track record and deeper liquidity. OMAH's beta of 0.3287 is significantly lower than SPYI's 0.7, reflecting Berkshire's defensive characteristics versus broad-market exposure.

Who each is best for

OMAH: Fits investors with a high conviction in Berkshire Hathaway's long-term prospects who want to harvest monthly income from a single quality holding while maintaining meaningful downside cushion relative to the broader market.

SPYI: Fits investors seeking broad equity exposure through an options-income strategy who prefer diversification across 500 companies and view the 11.87% yield as a practical target rather than an aspirational maximum.

Key risks to know

• NAV erosion at elevated yields: Both ETFs distribute well above typical equity returns, creating pressure to sustain payouts through return-of-capital or price decline. OMAH's 14.68% target is particularly vulnerable if Berkshire's earnings growth or BRK.B price appreciation falters.

• Single-stock concentration (OMAH): All principal and income depend on Berkshire's operational performance, regulatory environment, and succession clarity. A significant decline in BRK.B would directly erode both NAV and the fund's ability to meet its distribution target.

• Call-writing opportunity cost: Both funds cap upside through systematic call sales. If the S&P 500 (or Berkshire, for OMAH) rallies sharply, participants forego gains above the strike prices sold each month.

• Options liquidity and execution risk: Monthly call-writing at scale requires reliable liquidity and predictable execution. Unusual market volatility or gaps in options volume could impair the funds' ability to generate their targeted yields.

• New-fund sustainability (OMAH): With only weeks of live history, OMAH's ability to sustain its 15% target through a full market cycle—including a correction—remains untested. Early performance may not reflect normalized conditions.

Bottom line

If you want broad equity diversification with a proven track record of generating double-digit income, SPYI's larger asset base, lower fees, and S&P 500 exposure stand out. If you're a devoted Berkshire shareholder willing to accept single-stock risk in exchange for a more aggressive income target and lower market beta, OMAH's focused strategy merits attention—though its newness means the 15% distribution is still a promise, not a history. Past performance does not guarantee future results.