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Dividend Vision

ETF Comparison

OMAH vs SPYI: Different Stocks, Different Income Overlay

A head-to-head of VistaShares Target 15 Berkshire Select Income and NEOS S&P 500 High Income covering the book, cost, and cash.

Updated October 2, 2026

How these figures are calculated: methodology.

Best for

  • OMAHInvestors who want a covered-call overwrite written on the holdings themselves.
  • SPYIInvestors who want index call spreads structured for Section 1256 tax treatment.

Jump to the side-by-side numbers

Visual comparison

Key metrics

Projected income on $10K

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

Total returns

100% reinvested · ex-date convention. Period returns use this fixed assumption, independent of chart settings. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year.

OMAH has lagged SPYI over the trailing twelve months, posting a 6.09% total return against 15.39%. Measured from Mar 2025 — the start of shared available history — SPYI has compounded at 18.03% a year versus 7.34% for OMAH. 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.
SymbolYTD cumulative1Y cumulativeSince Mar 2025Volatility Sharpe Sortino Max drawdown
OMAH4.53%6.09%7.34%9.0%0.160.21-5.8%
SPYI11.57%15.39%18.03%10.8%0.901.29-7.7%

Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of October 2, 2026. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year. “Since Mar 2025” measures every fund from March 5, 2025 — the start of shared available history — 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.

Distribution rate and SEC yield

MetricOMAHSPYI
Forward distribution rate15.37%11.95%
Trailing 12-month yield15.92%11.83%
30-day SEC yield—0.46%

Total return (price change plus reinvested distributions) is the Total returns section above. A 30-day SEC yield can sit far from the headline distribution rate; both numbers are the fund's own published fields.

Total return against the stated underlying is on SPYI vs SPY.

Side-by-side snapshot

Side-by-side snapshot. Each row is one metric; each column is one fund.
MetricOMAHSPYI
Full nameVistaShares Target 15 Berkshire Select Income ETFNEOS S&P 500 High Income ETF
IssuerVistaSharesNEOS
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 overlayS&P 500 Index
Last Close$17.53 as of October 2, 2026$53.60 as of October 2, 2026
Distribution rate15.37%11.95%
Trailing 12-month yield15.92%11.83%
30-day SEC yield—0.46%
Distribution Safety Score™ 7990
Safety-Adjusted Yield 12.14%10.76%
Expense ratio0.98%0.68%
AUM$1.14B$12.4B
Distribution frequencyMonthlyMonthly
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.
Asset classEquityEquity
Inception date03/05/202508/29/2022
Beta0.32870.7
Last dividend$0.2245$0.5338
Ex-dividend date09/28/202609/16/2026

Bottom lineChoose OMAH if you want a covered-call overwrite written on the holdings themselves. Choose SPYI if you want index call spreads structured for Section 1256 tax treatment. OMAH and SPYI both use option or derivative overlays. Their tradeoff is the underlying exposure, how each option strategy is implemented, and the yield each targets; either overlay can limit upside participation, so neither offers uncapped price exposure.

OMAH vs SPYI: Berkshire-select overlay or S&P 500?

Different stocks underneath. OMAH overlays a Berkshire-select book. SPYI overlays the S&P 500.

OMAHSPYI
What it ownsBerkshire-select stocks plus overlayS&P 500 plus a NEOS overlay
Expense ratio0.98%0.68%
Distribution rate15.37%11.95%

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 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

Model this comparison:
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Income calculator

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

VistaShares
ETFs13
Total AUM$2.40B

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$34.7B

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 SPYI.

See all NEOS ETFs

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Quick verdict

OMAH (VistaShares Target 15 Berkshire Select Income ETF) and SPYI (NEOS S&P 500 High Income ETF) are both monthly-pay dividend ETFs, but they take different approaches.

OMAH offers the higher yield at 15.37% vs 11.95% for SPYI. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.

SPYI is cheaper with an expense ratio of 0.68% compared to 0.98%.

They have different reference exposures: OMAH is linked to 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 while SPYI is linked to S&P 500 Index, which means their performance drivers differ.

SPYI is the larger fund by assets ($12.4B), but assets alone do not establish trading costs or liquidity.

Who should choose each?

Choose OMAH

VistaShares Target 15 Berkshire Select Income ETF

  • Want a covered-call overwrite on the stocks the fund holds.
  • Want to maximize current income — OMAH distributes roughly 15.37% from selling options premium, vs 11.95% for SPYI.
  • Are comfortable with an options-income strategy — a large payout in exchange for capped upside.
  • Prefer lower volatility — a beta of 0.3 vs 0.7 for SPYI.

Choose SPYI

NEOS S&P 500 High Income ETF

  • Want index call spreads structured for Section 1256 tax treatment.
  • Are comfortable with an options-income strategy — a large payout in exchange for capped upside.
  • Want to keep costs low — a 0.68% expense ratio vs 0.98% for OMAH.

Not sure? Use the income calculator and snapshot above to weigh these trade-offs against your own goals.

Deep dive

Yield & income

On a $10,000 investment, OMAH would generate roughly $128.08 cash per distribution, while SPYI would produce $99.58 cash per distribution, at current distribution rates. Both pay monthly distributions.

OMAH yield15.37%
SPYI yield11.95%
Cash diff on $10K$28.50

Cost & efficiency

Over 10 years on $10,000, OMAH would cost approximately $980 in fees vs $680 for SPYI (simplified, not compounded). The $300.00 difference may be offset by yield or performance.

OMAH ER0.98%
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 covered call approach, while SPYI tracks S&P 500 Index with an active approach. Beta is 0.3287 for OMAH and 0.7 for SPYI, making OMAH the less volatile of the two by this measure.

OMAH beta0.3287
SPYI beta0.7

Fund details

OMAH is managed by VistaShares (launched 03/05/2025) with $1.14B in assets. SPYI is managed by NEOS (launched 08/29/2022) with $12.4B in assets.

OMAH AUM$1.14B
SPYI AUM$12.4B
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Frequently asked questions

What is the difference between OMAH and SPYI?

They do not sit on the same book. OMAH (VistaShares Target 15 Berkshire Select Income ETF) overlays a Berkshire-select stock sleeve. SPYI (NEOS S&P 500 High Income ETF) overlays the S&P 500. Cost is 0.98% versus 0.68%; distributions are 15.37% and 11.95% as of October 2026. Compare the stocks underneath and how much upside is sold, not which yield is larger.

What is the current distribution rate for OMAH and SPYI?

OMAH currently distributes 15.37% and SPYI 11.95%, based on fund data updated October 2026. Distribution rate moves with both the payout and the share price, so check the as-of date before relying on either figure.

Is OMAH or SPYI better for dividend income?

It depends on your goals. OMAH currently offers the higher distribution yield, which means more income per dollar invested. However, a lower-yield fund may offer better total return or lower volatility. Consider your time horizon and risk tolerance.

Can I hold both OMAH and SPYI?

Yes — nothing prevents holding both. 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.

Is OMAH or SPYI safer?

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, OMAH scores 79, so SPYI's payout currently looks the more resilient of the two. OMAH has also shown lower price volatility (beta 0.33 vs 0.70 for SPYI). 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 lower fees, OMAH or SPYI?

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

How much income does $10,000 in OMAH vs SPYI generate?

At current rates, $10,000 in OMAH would generate roughly $128.08 cash per distribution ($1,537.00 annually). The same in SPYI would produce about $99.58 cash per distribution ($1,195.00 annually).

Which has performed better historically, OMAH or SPYI?

OMAH has lagged SPYI over the trailing twelve months, posting a 6.09% total return against 15.39%. Measured from Mar 2025 — the start of shared available history — SPYI has compounded at 18.03% a year versus 7.34% for OMAH. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.

More comparisons to explore

OMAH vs SPYI — at a glance

Generated October 4, 2026.

Overview

OMAH and SPYI are both options-income ETFs generating high monthly distributions through covered-call strategies, but they target fundamentally different equity bases. OMAH holds Berkshire Hathaway Class B plus the 20 largest positions in Berkshire's latest 13F filing, wrapping them in an actively managed options overlay to chase a 15.37% target yield. SPYI replicates the S&P 500 Index and overlays options income tactics to produce 11.95% monthly — a broader exposure to large-cap U.S. equities with a lower yield target but much larger asset base.

How they differ

The single largest difference is underlying exposure: OMAH concentrates on Berkshire Hathaway's disclosed stock picks (roughly 21 positions total), while SPYI tracks 500 constituents. That concentration explains much of the risk and return profile divergence.

Second, yield ambition differs sharply. OMAH targets 15.37%, while SPYI aims for 11.95% — a 3.42% percentage-point gap. Higher distribution targets typically require more aggressive options writing, which can cap upside and accelerate NAV erosion if market conditions sour.

Third, OMAH is brand new (inception 03/05/2025) with $1.14B in assets, while SPYI has operated since 08/29/2022 and manages $12.4B. Age and scale matter for options strategies: SPYI's track record spans a full market cycle, and its larger asset base may offer better operational stability. OMAH's expense ratio of 0.98% is also higher than SPYI's 0.68% by 0.3% percentage points, which eats into net yield.

Who each is best for

  • OMAH: Fits investors who want exposure to Berkshire Hathaway's investment philosophy and stock-picking track record, and who can tolerate concentrated portfolio risk in exchange for the prospect of outsized monthly cash flow.
  • SPYI: Designed for investors seeking broad large-cap U.S. equity exposure with meaningful income, and who prefer diversification across 500 holdings over a narrower active stock selection.

Key risks to know

  • NAV erosion at high distribution yields. OMAH's 15.37% target yield is aggressive and will likely require accelerated capital return alongside earnings and gains. If the underlying Berkshire holdings and option income trails that payout rate, the fund's net asset value per share will erode over time.
  • Concentration risk in a 21-stock portfolio. OMAH's holdings narrow to Berkshire's publicly disclosed 13F positions, which means a single large-position decline (or poor performance by Berkshire's overall stock picks) swings the fund's performance sharply. SPYI's 500-constituent structure naturally buffers single-stock moves.
  • Steep options-writing headwind when equity markets rally. Both ETFs write calls to generate income, which caps upside in strong bull markets. OMAH's tighter concentration and higher yield target will likely see call strikes breached more often and earlier, capping gains more severely in rallies. SPYI's wider diversification and lower target offer more room for appreciation before calls restrict gains.
  • Early performance track record for OMAH. Because OMAH inception is March 2025, there is no full market-cycle history to assess how the strategy performs through downturns or sustained volatility. SPYI's years of operation provide more visibility into realistic NAV trends and payout reliability.

Bottom line

If you want concentrated exposure to Berkshire Hathaway's stock picks with aggressive monthly income, OMAH's 15% target yield may appeal — but be prepared for call cap-off risk and potential NAV erosion if the concentrated portfolio underperforms its payout. If you prioritize broad S&P 500 exposure with material (but more moderate) income and a longer operational history, SPYI's 12% yield and $12.4B asset base offer wider diversification and longer-term performance evidence. Past performance does not guarantee future results, and both strategies' ability to sustain their stated yields hinges on options income and underlying equity performance in ways that vary with market conditions.

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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These comparisons follow the Dividend Vision methodology.