VistaShares’ OMAH Bets on “Berkshire-Style” Stocks Plus Covered Calls to Target 15% Monthly Income

VistaShares is marketing a new way to monetize Warren Buffett-era “quality” equities through the VistaShares Target 15 Berkshire Select Income ETF (OMAH), a strategy that combines a concentrated portfolio of Berkshire Hathaway-style holdings with an options layer intended to fund monthly cash distributions. The idea is to deliver what the fund’s materials call a “15% annual yield” target, distributed monthly, without requiring Berkshire Hathaway to pay investors directly.

OMAH’s core equity sleeve is tied to Berkshire’s publicly disclosed investments. In the ETF’s prospectus, the equity strategy is described as investing in holdings reflected in a related index that includes Berkshire Hathaway (BRK.B) itself plus 20 other large-cap stocks. The fund also keeps a small allocation to cash or U.S. Treasuries (up to 10% of assets) that can be used as collateral for its derivatives positions.

The income engine comes from selling options, a technique commonly associated with “covered calls.” A covered call is when the fund sells call options on stocks it already owns, collecting option “premiums” in return for taking on the obligation that can limit upside if the stock rises sharply. The prospectus states that the fund’s options strategies are expected to derive the majority of its yield, and that the fund aims to reach an annual income target of 15%.

According to 24/7 Wall St., OMAH held about $1.7 billion in “Berkshire style” stocks and had roughly $805 million in assets around the time of its June 7, 2026 coverage. That publication also framed the fund’s performance as competing with Berkshire Hathaway’s own market moves over the same period, noting that OMAH’s total return figures differed from its distribution target.

The 15% figure is not presented as guaranteed investment returns. VistaShares’ most recent fact sheet (as of February 20, 2026) shows a stated “Distribution Rate 15%,” with monthly distributions, and a 30-day SEC yield shown as 0.79% at that measurement date. The fact sheet also warns that the distribution can be classified as return of capital. In that same snapshot, it estimates that 93.08% of the most recent distribution would be return of capital, meaning some of the cash paid to shareholders may reduce taxable cost basis rather than reflect underlying earnings.

VistaShares’ reporting also emphasizes that the ETF is not affiliated with Berkshire Hathaway or Buffett, and that it is actively managed. In the fund’s tailored shareholder report covering March 4, 2025 through February 28, 2026, the company says OMAH “seeks to provide core equity exposure” aligned with Berkshire’s approach while layering options to produce monthly distributions. The report also notes that options premiums and distribution activity can be influenced by market volatility and other macro factors.

Even with a clear framework, some details remain dependent on what the ETF discloses going forward. The June 7, 2026 article’s $1.7 billion figure and its description of “15 percent returns” are not independently confirmed in VistaShares’ materials released in the documents reviewed here. Separately, because OMAH’s targeted income depends largely on options pricing, distribution levels can drift if implied volatility falls or if market conditions change.

What to watch next is whether OMAH sustains its monthly payout profile and how much of the distribution continues to be classified as return of capital, especially as the fund grows and market volatility shifts. Investors and advisers are likely to focus on the fund’s future distribution rate disclosures, any changes to its holdings aligned with Berkshire’s latest disclosures, and performance versus both traditional dividend ETFs and Berkshire itself.