OMAH: A Berkshire Hathaway Copycat With a 15% Distribution Yield

If you’ve ever stared at Berkshire Hathaway’s portfolio and thought, “I love the businesses, but I also want a fat monthly payout,” the VistaShares Target 15™ Berkshire Select Income ETF—ticker OMAH—was basically built for you. OMAH is part homage, part engineering experiment: it mirrors Berkshire’s biggest public equity bets and then overlays an options strategy designed to target a 15% annualized distribution, paid monthly (about 1.25% per month). It’s the income-seeker’s attempt to bottle the “Oracle of Omaha” without giving up the cash flow. The catch? Options cap upside, fees aren’t cheap, and copycatting a legendary investor has pitfalls. Let’s unpack it all. VistaShares -+1

What OMAH Is (and Isn’t)

The elevator pitch: OMAH owns Berkshire Hathaway (BRK.B) plus a curated set of Berkshire’s largest public holdings (think Apple, American Express, Coca-Cola), then systematically sells covered calls to generate monthly income. The goal is high, steady distributions, not maximizing raw upside. As of August 26, 2025, the fund’s expense ratio is 0.95%, inception was March 5, 2025, and net assets had grown to roughly $471 million—healthy traction for a new concept. VistaShares -

Top exposures: Recent holdings data shows Apple (~11%), Berkshire Class B (~9–10%), American Express (~9%), Coca-Cola (~6%), and Chevron (~5%) among the top weights—basically, a greatest-hits album of Berkshire’s public stock book. Yahoo FinanceMorningstarSeeking Alpha

The “15%” bit: That headline figure is a targeted distribution rate, not a guarantee. It comes from the options overlay (primarily covered calls) OMAH writes on its equity sleeve. Depending on markets, realized distributions can differ from the target, and in the early months those payouts can include return of capital (ROC) alongside income and gains. (More on taxes below.) etf.comVistaShares -

How the Copycatting Works—and Why It’s Tricky

OMAH’s stock selection is inspired by Berkshire’s disclosed holdings. That’s clever branding, but note the structural lag: public funds that mirror “star investors” usually rely on 13F filings, which are reported up to 45 days after quarter-end. Copycat ETFs, in general, can’t replicate real-time decisions, and performance can drift if the legend adjusts positions between filings. It’s a known trade-off in the “celebrity-tracker” ETF trend. Investopedia

The marketing is compelling—Buffett’s portfolio plus yield—but the operational reality is different from owning Berkshire outright. Berkshire can buy, sell, and sit on cash as it pleases; OMAH must translate that philosophy into a transparent ETF that also writes options to hit income targets. Expect it to behave differently from BRK.B in strong rallies (capped upside) and choppy or flat markets (income can shine). Barron's

Where the 15% Distribution Target Comes From

OMAH layers a buy-write (covered-call) strategy on its Berkshire-inspired equity basket. By selling call options on positions it owns, the fund collects option premiums that it then distributes to shareholders monthly. This is a cash flow engineering exercise: trade some future upside for today’s income. It’s familiar to fans of option-income ETFs (think JEPI/JEPQ), but here the underlying basket is Berkshire-centric rather than broad market or Nasdaq-heavy. etf.comVistaShares -

A key nuance: in its initial months, OMAH’s distributions included a large return-of-capital component—common for new option-income funds ramping. For example, an official Section 19a notice in spring indicated that ~95.8% of cumulative payouts at that time were estimated ROC (final tax character is determined after year-end). ROC isn’t inherently “bad”; it reduces cost basis and can be tax-efficient, but it also signals that not all of the payout is from net investment income or realized gains. VistaShares -+1

Inside the Portfolio: What You Actually Own

Names you know, moats you recognize. The top cohort—AAPL, BRK.B, AXP, KO, CVX—reads like Berkshire’s public-equity Mount Rushmore. Sector exposures tilt to technology (via Apple), financials (AXP, BAC if held), consumer staples (KO), and energy (CVX), echoing Berkshire’s long-term bets on durable franchises. The weights won’t be identical to Berkshire—OMAH is an ETF with its own methodology—but the core DNA is unmistakably Buffett-inspired. Yahoo FinanceMorningstar

Concentration vs. diversification. Expect a focused portfolio (around 21 holdings) rather than a 500-stock index sprawl. That concentration can help the income overlay be more targeted, but it also means position-specific risk can matter more than in, say, S&P 500 covered-call funds. VistaShares -

Fees, Liquidity, and Scale

Expense ratio: 0.95%. That’s well above broad index ETFs and higher than many option-income peers; it’s a material drag to weigh against the distribution stream. VistaShares -ETF Database
AUM trajectory: From $250M in mid-June to ~$471M by late August, asset growth signals strong investor appetite for the concept. Scale can help with spreads and option execution over time. Stock TitanVistaShares -
Trading: By late August, shares changed hands around $19–$20 with solid daily volume—workable for most retail allocations, but still a new fund. Always use limit orders. StockAnalysisInvesting.com

Performance So Far (It’s Early!)

Measured from its March 2025 launch through late August, OMAH’s price has mostly hugged the high-$18s to low-$19s. Add the monthly distributions and total return lands in the low-single-digits—very early days, and exactly the kind of profile you’d expect from a buy-write strategy over a calm stretch. The point of OMAH is payout stability, not moon-shot appreciation. StockAnalysisInvesting.com

One more reality check: while the marketing target is 15% annually, the observed trailing 12-month yield (which will be noisy this first year) can differ. As of late August snapshots, third-party trackers showed a TTM yield around ~7–8%—again, that figure will evolve as the fund builds a fuller year of distributions. Focus on the policy target versus your actual cash received. StockAnalysis

Who OMAH Might Fit

Income-first investors who admire Berkshire’s portfolio construction but want monthly cash flow may find OMAH attractive. The buy-write overlay tilts the payoff profile toward cash generation in sideways or mildly down markets, at the cost of capped upside when markets rip.

IRA/401(k) investors may especially appreciate the structure: OMAH’s distributions are reported on Form 1099-DIV, not K-1s, and ROC components (if any) aren’t a headache in tax-advantaged accounts. In taxable accounts, you’ll need to manage cost-basis adjustments and the mix of income/ROC/cap gains each year. (As always, check your own situation.) VistaShares -

OMAH vs. JEPI/JEPQ: Same Playbook, Different Team

If you’ve been using JEPI (S&P 500 buy-write) or JEPQ (Nasdaq-tilted buy-write), OMAH will feel familiar. The difference is the underlying basket: where JEPI/JEPQ are broad-index or Nasdaq-heavy, OMAH is Berkshire-centric. That can mean less concentration in mega-cap tech breadth than JEPQ, and more exposure to Buffett-style financials, staples, and cash-rich compounders.

Yields right now: Recent snapshots showed JEPI with a ~8–8.5% trailing yield and JEPQ around ~9–10% depending on the source and date, versus OMAH’s 15% target (again: target, not guarantee). Strategy behavior will diverge in strong rallies (JEPQ can lag less if Nasdaq screams higher; OMAH’s calls cap gains) and in range-bound tapes (all three tend to “harvest” premium better). StockAnalysis+1Stock Events

OMAH vs. Owning Berkshire (BRK.B)

What you give up by choosing OMAH:

Unlimited upside: Covered calls cap gains above the strike.
Fee drag: 0.95% annually, versus Berkshire’s internal costs (not an ETF fee to you).
Copycat lag: Berkshire’s own moves are immediate; OMAH’s are modeled from public holdings and internal methodology, not Buffett in real time. ETF DatabaseInvestopedia

What you gain:

Monthly cash distributions—Berkshire famously pays no dividend; OMAH manufactures income via options.
Behavioral benefits: For retirees or income-focused investors, regular cash flow can be a feature, not a bug—even if it costs some upside and fees.
Berkshire DNA with an income overlay: It’s the same general cast of businesses, just wearing an income investor’s jersey. Investopedia

Risk Dashboard (Read This Twice)

Capped Upside: Covered calls exchange potential future gains for present cash. In raging bull markets, OMAH will likely trail its underlying equities and certainly trail BRK.B. etf.com
Distribution Variability: The 15% is a target. Monthly payouts can fluctuate with realized option premiums and portfolio results; ROC can be a sizable component in some periods. VistaShares -
Copycat Lag & Methodology Risk: Reliance on disclosed holdings and an internal selection process means OMAH may not capture Berkshire’s timing or cash allocation. Investopedia
Fee Drag: At 0.95%, OMAH must earn back fees before delivering net returns; that’s a higher hurdle than many income peers. ETF Database
Concentration: Roughly 21 names with chunky weights in the top ten—expect name-specific risks to matter more than in broad buy-write funds. VistaShares -
Tax Character: In taxable accounts, the split among qualified dividends, short/long-term gains, and ROC affects after-tax outcomes. Final tax character is only determined after year-end (you’ll see it on 1099-DIV). VistaShares -

Taxes in One Page (Because You Asked)

Reporting: You’ll receive a 1099-DIV summarizing distributions (no K-1).
ROC mechanics: ROC reduces your cost basis; when you eventually sell, that lower basis may increase your capital gain. Early 19a notices showed high ROC percentages as the fund ramped. Final characterization happens at year-end.
Tax-advantaged accounts: IRAs/401(k)s simplify this, which is why some commentators suggest income-overlay ETFs fit better in tax-sheltered wrappers. VistaShares -Barron's

(Standard reminder: this is general information, not tax advice.)

Scenario Analysis: How OMAH Might Behave

Ripping Bull Market (e.g., mega-cap melt-up): Expect OMAH < BRK.B and likely < JEPQ, because calls get exercised and you forgo a chunk of upside. Your consolation prize is steady cash flow. etf.com
Sideways/Choppy Tape: This is buy-write territory. Option premiums help fund distributions while prices meander. OMAH may look competitive to strong here. etf.com
Down Drafts: Premium helps, but equity beta still bites. Drawdowns are cushioned—not erased—by option income. Stock selection (Buffett-style quality) can help relative to high-beta tech baskets. etf.com

The Peer Check: Yield, Cost, Composition

Yield: OMAH targets 15%; JEPI/JEPQ have been ~8–10% on recent TTM or forward snapshots. Remember: OMAH’s number is a goal, and early TTM math has printed ~7–8% so far due to ramping. StockAnalysis+2StockAnalysis+2Stock Events
Cost: OMAH at 0.95% vs. JEPI (~0.35%) and JEPQ (~0.35%) historically. Fee differences matter—especially in muted markets. (Check your current prospectus numbers.) ETF Database
Composition: OMAH = Berkshire-centric, JEPI = S&P 500 derivatives overlay, JEPQ = Nasdaq-tilted overlay. Your sector and factor bets are different in each. MorningstarJ.P. Morgan

The Pragmatic Checklist (Before You Buy)

Why am I here: income or total return? If you want maximum upside, OMAH’s not built for that. If you want monthly cash tied to Buffett-like holdings, now we’re talking.
What account will I use? Tax-advantaged can simplify the ROC and tax character mix. VistaShares -
What’s my hurdle on fees? At 0.95%, you’re paying up for the concept. Make sure the distribution stream offsets the drag for your goals. ETF Database
Do I accept capped upside? In exchange for income, you’re selling part of tomorrow to fund today. That’s the design. etf.com
Am I okay with “modeled Buffett” vs. actual Berkshire? Understand the 13F lag and the fact that OMAH is a rule-driven ETF, not a Berkshire sidecar. Investopedia

Bottom Line

OMAH is a well-marketed, thoughtfully engineered income vehicle that marries Buffett-style stock selection with a buy-write overlay to target 15% annual distributions. It will not behave like Berkshire in a roaring bull and should not be judged on pure upside capture. The fees are high, the upside is capped, and the copycat lag is real—but for income-oriented investors who love Berkshire’s flavor of quality and want a predictable monthly check, OMAH fills a niche that BRK.B never will. Know the trade-offs, pick the right account, and let the strategy do what it’s designed to do. VistaShares -etf.comInvestopedia

Quick Facts (as of late August 2025)

Ticker: OMAH
Inception: March 5, 2025
Approach: Berkshire-inspired equity basket + covered calls; monthly distributions targeting 15% annualized
Expense ratio: 0.95%
AUM: ~$471 million (Aug 26, 2025)
Top holdings: AAPL, BRK.B, AXP, KO, CVX
Recent price range: around $19–$20
Tax reporting: 1099-DIV; distributions may include income, gains, and ROC; final tax character determined after year-end. VistaShares -+1Yahoo FinanceMorningstarStockAnalysis

Sources & further reading

VistaShares: strategy, expense ratio, inception, AUM and factsheet details for OMAH. VistaShares -+1
ETF.com: buy-write description & target 15% income framing. etf.com
Barron’s: launch coverage, 15% target, holdings roundup, initial AUM, and peer launches. Barron's
Morningstar/Yahoo Finance: holdings and performance snapshots. MorningstarYahoo FinanceYahoo Finance
VistaShares 19a-1 notices: distribution character & ROC estimates. VistaShares -+1
Investopedia: the copycat ETF phenomenon and 13F lag caveats. Investopedia
Yield comparables for JEPI/JEPQ (context for peers). StockAnalysis+1

This article is for information and entertainment only and isn’t investment advice. Do your own research and consider speaking with a fiduciary advisor before making investment decisions.