HYGW vs OMAH

HYGWBiShares High Yield Corporate Bond BuyWrite Strategy ETF

OMAHCVistaShares Target 15 Berkshire Select Income ETF

In short

HYGW Covered calls, but on junk bonds instead of stocks. It holds iShares' high yield corporate bond ETF and writes monthly calls against it, stacking option premium on top of coupon income, paid out monthly.

OMAH Berkshire famously pays no dividend. OMAH builds a book around its 20 largest stock holdings plus BRK.B itself, then sells calls on them to chase a 15% annual income target, paid monthly, for 0.98% a year.

Stated mandate

HYGW The fund seeks exposure to the iShares iBoxx $ High Yield Corporate Bond ETF while writing monthly covered calls to generate income.

OMAH The fund primarily seeks income and secondarily seeks long-term capital appreciation. It combines an equity portfolio based on the Solactive Berkshire Portfolio Top 20 Index NTR with an options portfolio intended to pursue a 15% annual income target.

Why people hold it

• HYGW The buy-write playbook pointed at credit, not equities: own the high yield bond ETF, sell monthly calls on it, distribute monthly.ishares.com
• At 0.69% a year, it undercuts the typical fund in its options-income peer group.
• Runs the strategy its own documents describe, closely, and sits among the stronger builds in its options-income group.
• Live since 2022, built and run by iShares on top of its own high yield bond fund rather than a bespoke basket.

• OMAH Berkshire hands shareholders nothing. OMAH sells call options on a Berkshire-shaped equity book to pursue a 15% annual income target, distributed monthly.cnbc.com
• The options sleeve is actively run, not a fixed formula: the adviser writes covered calls and spreads across the holdings and shifts with market volatility.vistashares.comvistashares.com 2
• Launched in 2025 and already a multi-billion-dollar fund that trades actively, making it one of the easier names in its options-income group to get in and out of.
• Full transparency on what you own: roughly 70 positions mirroring Berkshire's top 20 public stakes, plus direct BRK.B exposure.vistashares.com

Worth knowing

• HYGW Selling calls trades upside for income. If high yield bonds rally past the strike, the gain above it belongs to the option buyer.
• The base exposure is below-investment-grade credit, so the principal moves with default fears and spread swings, not rates alone.
• A smaller, thinly traded fund, so spreads can run wider than the household-name covered-call ETFs.

• OMAH Costs 0.98% a year, above the typical fee in its category and above sibling SIOO at 0.59%, which runs the same Target 15 approach on the S&P 100.
• The 15% is a target, not a dividend. Distributions can include return of capital, which is your own money coming back and can pull NAV lower over time.vistashares.com
• Selling calls trades away part of any big rally in a concentrated, non-diversified portfolio, and the record only begins in March 2025.vistashares.com

Full HYGW profile⁠

Full OMAH profile⁠