OMAH – VistaShares Target 15 Berkshire Select Income ETF (Very High Target Yield)
Warren Buffett’s Berkshire Hathaway has built one of the greatest long-term track records in market history, yet it has never paid a dividend. Buffett has consistently argued that reinvesting capital internally creates more value than distributing cash to shareholders. For investors who prioritize income, that philosophy has always created a tension: access to elite stock selection without any regular cash flow.¹
Launched in 2025, the VistaShares Target 15 Berkshire Select Income ETF (OMAH) was designed to address that gap. The fund seeks to pair a portfolio modeled on Berkshire Hathaway’s largest equity holdings with an options-based income strategy designed to deliver high monthly distributions. In effect, OMAH attempts to convert a famously growth-oriented equity philosophy into a yield-oriented vehicle without abandoning the underlying quality of the businesses involved.²
The concept has attracted attention quickly, not only because of its association with Buffett’s portfolio, but because it offers a structure that many income-focused investors have long wanted but could never find in Berkshire itself. The result is a fund that sits at the intersection of quality equity exposure and engineered income, raising both opportunity and risk considerations that investors must understand clearly.
Buffett’s Portfolio, Re-Engineered for Income
At its core, OMAH holds a concentrated basket of approximately twenty publicly traded companies drawn from Berkshire Hathaway’s disclosed equity holdings, along with an allocation to Berkshire Hathaway stock itself.³ These holdings include large, liquid, household-name businesses such as Apple, American Express, Coca-Cola, Chevron, and Moody’s—companies long associated with Buffett’s emphasis on durable cash flows, pricing power, and competitive advantages.⁴
This concentrated structure intentionally mirrors Berkshire’s own high-conviction approach rather than broad market diversification. As a result, sector exposures tilt heavily toward financial services and large-cap technology, reflecting Berkshire’s longstanding allocations.⁵ From a pure equity perspective, OMAH looks less like a traditional index fund and more like a focused quality portfolio built around established franchises.
The income component is where OMAH diverges sharply from Berkshire itself. The fund employs an actively managed covered-call strategy, selling call options on the stocks it owns. The premiums generated from those option sales are distributed to shareholders on a monthly basis.⁶ Rather than relying on dividends from the underlying companies—which are modest at best—OMAH monetizes a portion of future upside potential to generate current income.
VistaShares has set a stated objective of targeting a very high annualized income rate, paid monthly. While the precise level may vary depending on market conditions, the strategy aims to deliver a yield well above what traditional equity income funds provide.⁷ This income is not guaranteed and depends on factors such as market volatility, option pricing, and portfolio positioning, but the structure is designed explicitly to prioritize distributable cash flow.
In practical terms, OMAH creates what can be thought of as a “synthetic dividend” on Berkshire’s holdings. The fund sacrifices some participation in strong equity rallies in exchange for steady option premiums. In flat or moderately rising markets, this trade-off can be favorable. In sharply rising markets, however, the cost of that income becomes more visible.
Why the Strategy Resonated So Quickly
OMAH entered the market at a time when income scarcity remained a persistent concern for many investors. Traditional dividend-paying equities typically offer low single-digit yields, while bonds—despite higher yields than in recent years—lack the growth characteristics of equities. OMAH positioned itself as a hybrid solution, offering high monthly income while remaining tied to high-quality stocks.⁸
