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

Overview

OMAH and SPYI are both options-income ETFs designed to generate high monthly distributions through call-writing overlays. The critical difference: OMAH holds a single stock (Berkshire Hathaway Class B) and targets a 15% annual yield, while SPYI holds the entire S&P 500 and targets a 12.24% yield. OMAH is brand new (inception March 2025), while SPYI has been operating since late 2022.

How they differ

OMAH's concentration on Berkshire Hathaway exposes investors to single-company risk in exchange for a higher distribution target, whereas SPYI's S&P 500 underlying provides broad diversification. This is the defining structural difference—OMAH's beta of 0.0 reflects its single-stock focus, while SPYI's 0.69 beta shows it moves closer to the broader market.

The yield gap is substantial: OMAH distributes 15.08% annually versus SPYI's 12.24%. That 284 basis-point spread reflects OMAH's narrower asset base and higher options-writing intensity. SPYI's SEC 30-day yield of 0.58%, meanwhile, signals that a meaningful portion of its distribution relies on return-of-capital treatment rather than actual portfolio yield—common in high-yield options strategies.

SPYI has a material AUM advantage ($8.1 billion versus OMAH's $689 million), suggesting greater liquidity and track record credibility. OMAH's 0.95% expense ratio is higher than SPYI's 0.68%, a 27 basis-point drag that partially offsets the headline yield advantage. OMAH trades at $18.42 with a tighter 52-week range ($17.82–$19.72), while SPYI at $52.10 has swung 20% from low to high over 52 weeks, hinting at greater volatility.

Who each is best for

OMAH: Investors seeking maximum monthly income from a single, high-quality holding who can tolerate company-specific risk and NAV fluctuation, and who have a short time horizon or need immediate cash flow. Best held in taxable accounts where the monthly distribution frequency supports lifestyle spending.

SPYI: Investors wanting diversified equity exposure with a high yield floor, lower concentration risk, and a longer track record of options-overlay execution. Suitable for those comfortable with some NAV erosion in exchange for broader market participation and slightly lower fees.

Key risks to know

• NAV erosion risk: OMAH's 15% distribution target against Berkshire's historical 2–3% organic yield suggests heavy reliance on return-of-capital, which erodes net asset value over time. SPYI faces a similar but less acute risk given its 12.24% yield.

• Single-stock concentration: OMAH's entire strategy depends on Berkshire Hathaway's price and dividend stability. A significant decline or dividend cut would force deeper call-writing to maintain the 15% target, accelerating NAV decline.

• Options overlay duration risk: Both funds face the risk that call premiums compress as equity volatility declines, forcing steeper NAV erosion to sustain target yields. This is structural to the strategy, not temporary.

• Inception recency (OMAH): OMAH launched March 2025 during a specific volatility and rate environment. Its 15% target has no multi-year validation; performance may differ materially once volatility normalizes.

Bottom line

If you prioritize maximum monthly income and can accept single-stock risk, OMAH's higher yield and Berkshire focus offer appeal—but the fund is untested beyond one year. If you want broad diversification, a longer operational track record, and a slightly more conservative yield with lower fees, SPYI is the clearer choice. Both strategies depend on sustained options premiums and will likely erode NAV over time; past performance does not predict future results.