Source: https://www.vistashares.com/etf/omah/ Updated: 2026-11-13 OMAH # VistaShares *Target 15®* Berkshire Select Income ETF Distribution Frequency Monthly Distribution Rate **Distribution Rate**The annual rate an investor would receive if the most recent fund distribution remained the same going forward. The Distribution Rate represents a single distribution from the Fund and is not a representation of the Fund’s total return. The Distribution Rate is calculated by multiplying the most recent distribution by 12 in order to annualize it, and then dividing by the Fund’s NAV. 15% 30-Day SEC Yield **30-Day SEC Yield**30-day SEC Yield is based on a formula mandated by the Securities and Exchange Commission (SEC) that calculates a fund’s hypothetical annualized income, as a percentage of its assets. A security’s income, for the purposes of this calculation, is based on the current market yield to maturity (in the case of bonds) or projected dividend yield (for stocks) of the fund’s holdings over a trailing 30-day period. This hypothetical income will differ (at times, significantly) from the fund’s actual experience; as a result, income distributions from the fund may be higher or lower than implied by the SEC yield. 0.61% as of October 31, 2026 - [Fact Sheet](https://www.vistashares.com/docs/omah/omah-factsheet-6-30-26/?f=2025%2F02%2FOMAH-factsheet_6.30.26.pdf) - [Target 15 Monthly Distribution](https://www.vistashares.com/wp-content/uploads/2026/09/Sept.-Target-15-Distribution.png) - [Prospectus](https://www.vistashares.com/docs/omah/omah-pro-022825/?f=2025%2F02%2Fomah-pro_022825.pdf) - [Investment Case](https://www.vistashares.com/docs/omah/target-15-etf-investment-case-2-18-26/?f=2026%2F02%2FTarget-15-ETF-Investment-Case-2.18.26.pdf) ## Targeted Benefits of *OMAH’s Strategy* ### Seeks High Monthly Income Generation OMAH seeks to generate high monthly income by investing in a diversified equity portfolio and implementing a data-driven options investment strategy on the top 20 holdings of Berkshire Hathaway along with BRK.B. *There’s no guarantee how the Fund will perform in the future or assurance it’ll make a monthly distribution, and that may vary.* ### Core Equity Exposure OMAH provides large/mid cap equity exposure that can be considered a portion of the core equity allocation in a well-diversified portfolio. ### Professional Options Management Leverage the years of experience and rigorous research process employed by the team managing VistaShares’ options-based income ETFs. ## ETF Summary The VistaShares Target 15® Berkshire Select Income Fund offers investors a core equity portfolio that generally mirrors the 20 largest holdings of Berkshire Hathaway (BRK.B), as well as providing exposure to BRK.B directly, while leveraging the experience of the portfolio management team to seek to generate high monthly income. Inception Date March 5, 2025 Expense Ratio 0.95% Net Assets $1,112,909,740.12 Distribution Frequency Monthly Fact Sheet [OMAH Fact Sheet](https://www.vistashares.com/docs/omah/omah-factsheet-6-30-26/?f=2025%2F02%2FOMAH-factsheet_6.30.26.pdf) Ticker OMAH Bloomberg Index Ticker SOLBE20N CUSIP 45259A514 Primary Exchange NYSE Shares Outstanding 60600000.000 Number of Holdings 73 Premium/Discount 0.1078% 30-Day Median Bid-Ask Spread 0.06% **Median 30-Day Spread is a calculation of Fund’s median bid-ask spread, expressed as a percentage rounded to the nearest hundredth, computed by: identifying the Fund’s national best bid and national best offer as of the end of each 10-second interval during each trading day of the last 30 calendar days; dividing the difference between each such bid and offer by the midpoint of the national best bid and national best offer; and identifying the median of those values.   *There is no guarantee of how the Fund will perform in the future. There is no assurance the Fund will make a distribution in any given month and the following may vary greatly.* ## Distributions ### Distribution Information as of August 20, 2026 Distribution Frequency Monthly Distribution Rate **Distribution Rate**The annual rate an investor would receive if the most recent fund distribution remained the same going forward. The Distribution Rate represents a single distribution from the Fund and is not a representation of the Fund’s total return. The Distribution Rate is calculated by multiplying the most recent distribution by 12 in order to annualize it, and then dividing by the Fund’s NAV. 15% Distribution Amount / Share ($) $0.2245 Distribution Amount / Share (%) 1.25% 30-Day SEC Yield **30-Day SEC Yield**30-day SEC Yield is based on a formula mandated by the Securities and Exchange Commission (SEC) that calculates a fund’s hypothetical annualized income, as a percentage of its assets. A security’s income, for the purposes of this calculation, is based on the current market yield to maturity (in the case of bonds) or projected dividend yield (for stocks) of the fund’s holdings over a trailing 30-day period. This hypothetical income will differ (at times, significantly) from the fund’s actual experience; as a result, income distributions from the fund may be higher or lower than implied by the SEC yield. 0.61% Declaration Date | Ex-Div Date | Record Date | Payable Date | Amount | 01/23/2026 | 01/26/2026 | 01/26/2026 | 01/27/2026 | $0.23191 | 02/20/2026 | 02/23/2026 | 02/23/2026 | 02/24/2026 | $0.23088 | 03/27/2026 | 03/30/2026 | 03/30/2026 | 03/31/2026 | $0.22688 | 04/24/2026 | 04/27/2026 | 04/27/2026 | 04/28/2026 | $0.23225 | 05/22/2026 | 05/26/2026 | 05/26/2026 | 05/27/2026 | $0.23838 | 06/26/2026 | 06/29/2026 | 06/29/2026 | 06/30/2026 | $0.23138 | 07/24/2026 | 07/27/2026 | 07/27/2026 | 07/28/2026 | $0.23263 | 08/21/2026 | 08/24/2026 | 08/24/2026 | 08/25/2026 | $0.22963 | 09/25/2026 | 09/28/2026 | 09/28/2026 | 09/29/2026 | $0.22450 | 10/23/2026 | 10/26/2026 | 10/26/2026 | 10/27/2026 | $-- | 11/20/2026 | 11/23/2026 | 11/23/2026 | 11/24/2026 | $-- | 12/24/2026 | 12/28/2026 | 12/28/2026 | 12/29/2026 | $-- | Distributions made by the Fund have been classified as a return of capital and may be comprised of option premiums, dividends, capital gains, and interest payments. As of the most recent distribution by the Fund, 37.50% was estimated to be return of capital. Please see the 19a-1 notices for a more comprehensive breakdown. To learn more about the potential tax efficiencies of return of capital distributions, click here. **Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Performance current to the most recent month-end can be obtained by calling (844) 875-2288.** ## Prices & Performance ### ETF Prices as of November 12, 2026 NAV 18.36 Daily Change -0.08-0.45% Market Price 18.37 Daily Change -0.09-0.49% Performance History as of October 31, 2026 | Since Inception | 1M | 3M | YTD | 1Y | NAV | 15.84% | 4.43% | -0.46% | 9.2% | 11.01% | Market Price | 15.65% | 4.28% | -0.52% | 8.95% | 10.93% | ### Performance History as of October 31, 2026 NAV Market Price Since Inception 15.84% 15.65% 1M 4.43% 4.28% 3M -0.46% -0.52% YTD 9.2% 8.95% 1Y 11.01% 10.93% Quarter End as of March 31, 2026 | Since Inception | 1M | 3M | YTD | 1Y | NAV | 6.17% | -0.46% | 0.08% | 0.08% | 6.45% | Market Price | 6% | -0.44% | -0.14% | -0.14% | 6.11% | ### Quarter End as of March 31, 2026 NAV Market Price Since Inception 6.17% 6% 1M -0.46% -0.44% 3M 0.08% -0.14% YTD 0.08% -0.14% 1Y 6.45% 6.11% **Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Performance current to the most recent month-end can be obtained by calling (844) 875-2288.** Investing involves risk, including the possible loss of principal. Shares of any ETF are bought and sold at market price (not NAV) and may trade at a discount or premium to NAV. Shares are not individually redeemable from the Fund and may only be acquired or redeemed from the fund in creation units. Brokerage commissions will reduce returns. ## Holdings & Characteristics Top 10 Holdings as of November 12, 2026 | Ticker | Market Value | Weightings | Berkshire Hathaway Inc | BRK/B | $125,543,546.01 | 11.28% | Apple Inc | AAPL | $118,742,848.00 | 10.67% | American Express Co | AXP | $71,276,927.94 | 6.40% | Kroger Co/The | KR | $59,169,629.61 | 5.32% | Coca-Cola Co/The | KO | $57,900,699.36 | 5.20% | VeriSign Inc | VRSN | $53,582,508.00 | 4.81% | Sirius XM Holdings Inc | SIRI | $52,976,916.60 | 4.76% | Chevron Corp | CVX | $52,080,204.70 | 4.68% | Chubb Ltd | CB | $52,009,224.00 | 4.67% | Moody's Corp | MCO | $50,809,994.24 | 4.57% | Occidental Petroleum Corp | OXY | $48,881,792.80 | 4.39% | DAVITA INC | DVA | $47,763,415.44 | 4.29% | Delta Air Lines Inc | DAL | $47,660,748.15 | 4.28% | Kraft Heinz Co/The | KHC | $47,539,841.76 | 4.27% | Alphabet Inc | GOOGL | $41,469,118.40 | 3.73% | Alphabet Inc | GOOG | $41,330,097.60 | 3.71% | Bank of America Corp | BAC | $37,750,820.43 | 3.39% | New York Times Co/The | NYT | $30,262,166.64 | 2.72% | Liberty Live Holdings Inc | LLYVK | $25,352,581.50 | 2.28% | Lennar Corp | LEN | $24,723,716.22 | 2.22% | Ally Financial Inc | ALLY | $24,644,748.00 | 2.21% | First American Government Obligations Fund 12/01/2031 | FGXXX | $7,884,465.34 | 0.71% | Cash & Other | Cash&Other | $2,628,278.42 | 0.24% | BRKB US 11/13/26 C580 | BRKB 261113C00580000 | $2,202,480.00 | 0.20% | DVA US 12/18/26 P165 | DVA 261218P00165000 | $1,056,055.00 | 0.09% | LLYVK US 11/20/26 C105 | LLYVK 261120C00105000 | $906,675.00 | 0.08% | MCO US 11/20/26 C510 | MCO 261120C00510000 | $767,295.00 | 0.07% | CVX US 11/20/26 C217.5 | CVX 261120C00217500 | $611,378.00 | 0.05% | VRSN US 11/20/26 C320 | VRSN 261120C00320000 | $557,050.00 | 0.05% | BRKB US 11/20/26 P577.5 | BRKB 261120P00577500 | $446,880.00 | 0.04% | SIRI US 11/13/26 C33 | SIRI 261113C00033000 | $433,940.08 | 0.04% | CB US 11/20/26 C380 | CB 261120C00380000 | $409,207.50 | 0.04% | AAPL US 11/20/26 C365 | AAPL 261120C00365000 | $391,482.00 | 0.04% | DVA US 12/18/26 C200 | DVA 261218C00200000 | $349,732.50 | 0.03% | GOOGL US 11/20/26 C310 | GOOGL 261120C00310000 | $348,388.00 | 0.03% | BRKB US 11/20/26 C605 | BRKB 261120C00605000 | $345,800.00 | 0.03% | KR US 11/13/26 C70 | KR 261113C00070000 | $275,437.50 | 0.02% | LEN US 11/20/26 C88 | LEN 261120C00088000 | $251,430.00 | 0.02% | GOOG US 11/13/26 C297.5 | GOOG 261113C00297500 | $224,539.50 | 0.02% | NYT US 11/20/26 C77.5 | NYT 261120C00077500 | $211,700.02 | 0.02% | AXP US 11/20/26 C332.5 | AXP 261120C00332500 | $210,560.00 | 0.02% | KO US 11/13/26 C98 | KO 261113C00098000 | $151,521.00 | 0.01% | ALLY US 11/20/26 C40 | ALLY 261120C00040000 | $129,700.00 | 0.01% | KHC US 11/20/26 C26 | KHC 261120C00026000 | $106,804.50 | 0.01% | Holdings are subject to change. ### Exposure as of February 5, 2026 - United States 100.00% - TECHNOLOGY 17.73% - CONSUMER SERVICES 10.72% - FINANCE 38.29% - ENERGY 9.76% - HEALTHCARE 7.07% - CONSUMER NON-DURABLES 12.27% - INDUSTRIALS 4.16% - Large Cap 100.00% ## ETF Documents - Investment Case [PDF](https://www.vistashares.com/docs/omah/target-15-etf-investment-case-2-18-26/?f=2026%2F02%2FTarget-15-ETF-Investment-Case-2.18.26.pdf) - Factsheet [PDF](https://www.vistashares.com/docs/omah/omah-factsheet-6-30-26/?f=2025%2F02%2FOMAH-factsheet_6.30.26.pdf) - Distribution Calendar [PNG](https://www.vistashares.com/wp-content/uploads/2025/11/June-26-Target-15.png) - Form 8937 [PDF](https://www.vistashares.com/docs/omah/omah-8937-2-28-26-for-website/?f=2025%2F02%2FOMAH-8937-2.28.26-for-website.pdf) - OMAH - SOI_043026 [PDF](https://www.vistashares.com/docs/omah/omah-soi-043026-1/?f=2025%2F04%2Fomah-soi_043026-1.pdf) - 497k - June 29, 2026 [PDF](https://www.vistashares.com/docs/omah/omah-497k-062926-web/?f=2025%2F02%2Fomah-497k_062926_web.pdf) - Prospectus [PDF](https://www.vistashares.com/docs/omah/omah-pro-022825/?f=2025%2F02%2Fomah-pro_022825.pdf) - Summary Prospectus [PDF](https://www.vistashares.com/docs/omah/omah-497k-030325-web-ready/?f=2025%2F02%2Fomah-497k_030325_web-ready.pdf) - SAI - February 28, 2025 [PDF](https://www.vistashares.com/docs/omah/vistashares-sai-022825-1/?f=2025%2F02%2Fvistashares-sai_022825-1.pdf) - SAI - June 29, 2026 [PDF](https://www.vistashares.com/docs/omah/vistashares-target-15-sai/?f=2025%2F02%2FVistaShares-Target-15-SAI.pdf) - Annual Report February 28, 2026 [PDF](https://www.vistashares.com/docs/omah/vistashares-target-15-berkshire-select-income-etf/?f=2025%2F02%2FVistaShares-Target-15-Berkshire-Select-Income-ETF.pdf) - Annual Shareholders Report February 28, 2026 [PDF](https://www.vistashares.com/docs/omah/omah-qusa-annual-report-website-final/?f=2025%2F02%2FOMAH-QUSA-Annual-Report-Website-Final.pdf) - OMAH Q3 2025 Holdings Report [PDF](https://www.vistashares.com/docs/omah/omah-soi-113025/?f=2025%2F02%2Fomah-soi_113025.pdf) - Proxy Votes - 2025 [XLSX](https://www.vistashares.com/docs/omah/proxy-votes-vistashares-ais-omah-qusa/?f=2024%2F08%2FProxy-Votes_VistaShares-AIS-OMAH-QUSA.xlsx) - Annual Shareholders Report July 31, 2026 [PDF](https://www.vistashares.com/docs/omah/vistashares-target-15-berkshire-select-income-etf-final/?f=2025%2F02%2FVistaShares-Target-15-Berkshire-Select-Income-ETF_Final.pdf) - VistaShares 7.31.26 Annual Report [PDF](https://www.vistashares.com/docs/omah/vistashares-7-31-26-annual-report-final-website/?f=2025%2F02%2FVistaShares-7.31.26-Annual-Report-Final-Website.pdf) - 19a-1 Notice March 2025 [PDF](https://www.vistashares.com/docs/omah/omah-19a-1-notice-payable-date-3-28-25-final/?f=2025%2F02%2FOMAH-19a-1-Notice-Payable-Date-3.28.25-Final.pdf) - 19a-1 Notice April 2025 [PDF](https://www.vistashares.com/docs/omah/omah-19a-1-notice-payable-date-4-29-25/?f=2025%2F02%2FOMAH-19a-1-Notice-Payable-Date-4.29.25-.pdf) - 19a-1 Notice May 2025 [PDF](https://www.vistashares.com/docs/omah/19a-1-notice-may-2025/?f=2025%2F02%2F19a-1-Notice-May-2025.pdf) - 19a-1 Notice June 2025 [PDF](https://www.vistashares.com/docs/omah/vistashares-19a-1-notice-june-2025/?f=2025%2F04%2FVistaShares-19a-1-Notice-June-2025.pdf) - 19a-1 Notice July 2025 [PDF](https://www.vistashares.com/docs/omah/vistashares-19a-1-notice-july-2025/?f=2025%2F02%2FVistaShares-19a-1-Notice-July-2025.pdf) - 19a-1 Notice August 2025 [PDF](https://www.vistashares.com/docs/omah/vistashares-19a-1-notice-august-update-1/?f=2025%2F02%2FVistaShares-19a-1-Notice-August-Update-1.pdf) - 19a-1 Notice September 2025 [PDF](https://www.vistashares.com/docs/omah/vistashares-19a-1-notice-payable-date-9-30-25-updated-omah-qusa-acky/?f=2025%2F08%2FVistaShares-19a-1-Notice-Payable-Date-9.30.25-UPDATED-OMAH-QUSA-ACKY.pdf) - 19a-1 Notice October 2025 [PDF](https://www.vistashares.com/docs/omah/vistashares-19a-1-notice-payable-date-10-28-25/?f=2025%2F09%2FVistaShares-19a-1-Notice-Payable-Date-10.28.25.pdf) - 19a-1 Notice November 2025 [PDF](https://www.vistashares.com/docs/omah/vistashares-19a-1-notice-payable-date-11-25-1/?f=2025%2F02%2FVistaShares-19a-1-Notice-Payable-Date-11.25-1.pdf) - 19a-1 Notice December 2025 [PDF](https://www.vistashares.com/docs/omah/vistashares-19a-1-notice-payable-date-12-30-25/?f=2025%2F11%2FVistaShares-19a-1-Notice-Payable-Date-12.30.25.pdf) - 19a-1 Notice January 2026 [PDF](https://www.vistashares.com/docs/omah/vistashares-19a-1-notice-payable-date-1-27-26-docx/?f=2025%2F02%2FVistaShares-19a-1-Notice-Payable-Date-1.27.26.docx.pdf) - 19a-1 Notice February 2026 [PDF](https://www.vistashares.com/docs/omah/vistashares-19a-1-notice-payable-date-2-24-26/?f=2025%2F02%2FVistaShares-19a-1-Notice-Payable-Date-2.24.26.pdf) - 19a-1 Notice March 2026 [PDF](https://www.vistashares.com/docs/omah/vistashares-19a-1-notice-payable-date-3-31-26/?f=2026%2F01%2FVistaShares-19a-1-Notice-Payable-Date-3.31.26.pdf) - 19a-1 Notice April 2026 [DOCX](https://www.vistashares.com/docs/omah/vistashares-19a-1-notice-payable-date-4-28-26/?f=2025%2F02%2FVistaShares-19a-1-Notice-Payable-Date-4.28.26.docx) - 19a-1 Notice May 2026 [PDF](https://www.vistashares.com/docs/omah/19a-1-notice-may-2026/?f=2025%2F02%2F19a-1-Notice-May-2026.pdf) - 19a-1 Notice June 2026 [PDF](https://www.vistashares.com/docs/omah/vistashares-19a-1-notice-payable-date-6-30-26/?f=2025%2F02%2FVistaShares-19a-1-Notice-Payable-Date-6.30.26-.pdf) - 19a-1 Notice July 2026 [PDF](https://www.vistashares.com/docs/omah/vistashares-19a-1-notice-payable-date-7-28-26/?f=2025%2F02%2FVistaShares-19a-1-Notice-Payable-Date-7.28.26.pdf) - 19a-1 Notice August 2026 [PDF](https://www.vistashares.com/docs/omah/vistashares-19a-1-notice-payable-date-8-25-26/?f=2026%2F02%2FVistaShares-19a-1-Notice-Payable-Date-8.25.26.pdf) - 19a-1 Notice September 2026 [PDF](https://www.vistashares.com/docs/omah/vistashares-19a-1-notice-payable-date-9-29-26/?f=2026%2F02%2FVistaShares-19a-1-Notice-Payable-Date-9.29.26.pdf) ## FAQs What is OMAH? OMAH is the ticker of the VistaShares Target 15® Berkshire Select Income ETF, a covered call ETF that seeks a 15% annual distribution rate, paid monthly. Its equity portfolio generally mirrors the 20 largest holdings of Berkshire Hathaway and also holds Berkshire Hathaway Class B shares (BRK.B) directly, and the Fund writes call options on that portfolio. Distributions are not guaranteed, may vary and may include return of capital, and a distribution rate is not a total return. What is OMAH stock? OMAH is not shares of a single company; it is an exchange-traded fund (ETF) whose shares trade on the NYSE like a stock. Buying a share of OMAH gives you an interest in a portfolio that generally mirrors Berkshire Hathaway’s 20 largest holdings plus BRK.B, combined with a covered call strategy. The share price moves with the value of that portfolio and its options during the trading day. Is there a Berkshire Hathaway ETF? Yes. OMAH, the VistaShares Target 15® Berkshire Select Income ETF, holds a portfolio that generally mirrors the 20 largest holdings of Berkshire Hathaway plus BRK.B and writes call options to seek a 15% annual distribution rate, paid monthly. It is an independent fund: OMAH is not affiliated with the Berkshire Hathaway (BRK), Greg Abel, or Warren Buffett. Distributions are not guaranteed and may include return of capital. Is there an ETF that tracks Berkshire Hathaway's holdings? OMAH generally mirrors the 20 largest publicly disclosed holdings of Berkshire Hathaway, plus BRK.B, rather than tracking Berkshire’s entire portfolio. Because public disclosures are delayed, OMAH may not reflect Berkshire Hathaway’s most recent positions and may deviate substantially from its current portfolio. OMAH also writes call options, so its results differ from simply holding those stocks. OMAH is not affiliated with Berkshire Hathaway, Greg Abel or Warren Buffett. What is OMAH's investment objective? OMAH seeks to generate high monthly income by investing in an equity portfolio built on the top 20 holdings of Berkshire Hathaway along with BRK.B and implementing a data-driven options investment strategy on it. The Fund seeks a 15% annual distribution rate, paid monthly. There is no assurance the Fund will make a distribution in any given month, and distributions may vary and may include return of capital. What does OMAH hold? OMAH holds large and mid cap stocks that generally mirror the 20 largest holdings of Berkshire Hathaway, plus BRK.B, along with call options written on that portfolio. The full holdings list is on the fund page and is updated daily. How many stocks does OMAH hold? OMAH’s equity portfolio is built on the 20 largest holdings of Berkshire Hathaway plus BRK.B itself, so it is a focused portfolio of relatively few companies. The exact current list, with its as-of date, is on the fund page. Because it holds fewer issuers than many ETFs, poor performance by one or a few stocks can have a larger effect on the Fund. Does OMAH own Berkshire Hathaway stock? Yes. In addition to stocks that generally mirror Berkshire Hathaway’s 20 largest holdings, OMAH provides exposure to Berkshire Hathaway Class B shares (BRK.B) directly. Current weights, with their as-of date, are on the fund page. Holding BRK.B does not create any affiliation: OMAH is not affiliated with the Berkshire Hathaway (BRK), Greg Abel, or Warren Buffett. Who manages OMAH? OMAH’s investment adviser is VistaShares Advisors LLC, and its portfolio is run by the VistaShares Investment Committee, which applies a data-driven options investment strategy to the Fund’s Berkshire-based stocks. Foreside Fund Services, LLC is the Fund’s distributor. Berkshire Hathaway, Greg Abel and Warren Buffett have no role in managing OMAH. More about the team is on the [About VistaShares](https://www.vistashares.com/about-us/) page. Is OMAH actively managed? Yes. OMAH is actively managed by VistaShares Advisors LLC, and its portfolio is run by the VistaShares Investment Committee. The stock portfolio generally mirrors the 20 largest publicly disclosed holdings of Berkshire Hathaway plus BRK.B, and the Committee writes call options on the whole portfolio. The prospectus describes the strategy in full. How often is OMAH's portfolio updated? OMAH’s stock portfolio is updated quarterly, based on Berkshire Hathaway’s Form 13F filings, the quarterly reports in which large investment managers disclose their U.S. equity holdings. Those filings are made with a delay. Between updates, and because of the reporting delay, OMAH’s holdings may differ from Berkshire Hathaway’s current positions. How does OMAH work? OMAH works in two layers: a stock portfolio that generally mirrors Berkshire Hathaway’s 20 largest holdings plus BRK.B, and call options written on that portfolio. Selling calls brings in option premium, which is a main source of the monthly distributions through which the Fund seeks a 15% annual distribution rate. In exchange, OMAH gives up part of the upside of its stocks while keeping their downside. Calls are written on the whole portfolio. Is OMAH a covered call ETF? Yes. OMAH writes call options on stocks it owns, which is a covered call strategy, applied to a portfolio built on Berkshire Hathaway’s 20 largest holdings and BRK.B. The calls are “covered” because the Fund holds the stocks the options are written on. Writing covered calls may limit the Fund’s potential gains in exchange for premium income. What is OMAH's data-driven options investment strategy? It is the process the VistaShares Investment Committee uses to decide how to write call options on the Fund’s Berkshire-based portfolio in order to seek high monthly income. The Committee draws on the research process used across VistaShares’ options-based income ETFs. Calls are written on 100% of the portfolio. Option prices are volatile, and the strategy carries options and derivatives risk. How might OMAH perform in a rising market? In a rising market, OMAH’s stocks can gain value, but the call options it has written limit how much of that gain the Fund keeps above the options’ strike prices until they expire. As a result, OMAH may trail the same Berkshire-based stocks held without options when they rise sharply. The Fund still receives option premium in rising markets. How might OMAH perform in a flat market? In a market that moves sideways, OMAH’s stocks may change little in value while the Fund continues to collect option premium from the calls it writes. In general terms, this is the environment where a covered call strategy gives up the least upside, because options are less likely to be exercised against gains. Results also depend on fees and on how individual holdings move. How might OMAH perform in a falling market? In a falling market, OMAH generally declines along with its stocks. Option premium received may offset only part of a decline, and the Fund is not a buffer or hedged strategy. Because the portfolio is focused on Berkshire Hathaway’s largest holdings and BRK.B, a drop in a few large positions can weigh heavily on the Fund. Investments involve risk, including possible loss of principal. Does writing call options limit OMAH's upside? Yes. When OMAH sells a call, it agrees to give up gains on that stock above the strike price until the option expires, in return for premium paid upfront. So in a strong rally in Berkshire Hathaway’s holdings or BRK.B, OMAH may capture noticeably less of the gain than owning the stocks directly. The downside of the stocks is not limited by the calls. Why does market volatility affect OMAH's option premium? Option prices are influenced by, among other things, the anticipated volatility of the underlying stocks and the time remaining until expiration. When expected volatility in OMAH’s holdings rises, the premium available from writing calls generally rises too, and when it falls, premium generally falls. This is one reason OMAH’s distributions may vary from month to month. Can OMAH lose money even though it collects option premium? Yes. Option premium does not offset large or sustained declines in the stocks OMAH holds, and the Fund’s share price can fall below what you paid. The equity securities in the portfolio, including BRK.B, may experience sudden, unpredictable drops or long periods of decline. The value of your investment may decline. Investments involve risk, including possible loss of principal. Does OMAH pay monthly dividends? OMAH pays monthly distributions rather than a traditional company payout to shareholders. The Fund seeks a 15% annual distribution rate, paid monthly, and each distribution may include option premium, income from the Fund’s holdings, capital gains, interest and return of capital. There is no assurance the Fund will make a distribution in any given month, and amounts may vary. A distribution rate is not a total return. See our guide to [monthly dividend ETFs and distributions](https://www.vistashares.com/monthly-dividend-etf-distributions-vs-dividends/). When does OMAH pay distributions, and what are the ex-dates? OMAH pays distributions monthly, and the ex-date, record date and payable date of each distribution are listed in the distribution calendar on the fund page, with past distributions shown alongside. To receive a distribution, you generally need to own OMAH shares before the ex-date. What does OMAH's 15% target mean? OMAH seeks a 15% annual distribution rate, paid monthly: the Fund aims for distributions that, annualized, equal about 15% of its NAV. It is a distribution target, not a return target, and it is not a payout from Berkshire Hathaway. Distributions are not guaranteed, may vary and may include return of capital, and a distribution rate is not a total return. Is OMAH's monthly distribution guaranteed, and could a month be skipped? No. There is no assurance OMAH will make a distribution in any given month, and the amount may vary greatly from one month to the next. The 15% annual distribution rate is a target the Fund seeks, not a promise, and distributions may include return of capital. Past distributions and the upcoming schedule are on the fund page’s distribution calendar. How is OMAH's distribution rate calculated? OMAH’s distribution rate is the most recent distribution multiplied by 12 to annualize it, then divided by the Fund’s NAV. It shows the annual rate an investor would receive if that single distribution stayed the same, and it is not a representation of the Fund’s total return. The current distribution rate, with its as-of date, is on the fund page. What is the difference between OMAH's distribution rate and its 30-day SEC yield? OMAH’s distribution rate annualizes the most recent distribution, which can include option premium and return of capital. The 30-day SEC yield measures net investment income, excluding option income, earned over the 30 days ended at the most recent month-end, expressed as an annual rate based on the share price. Because most of a covered call fund’s income comes from options, the two can differ widely. See our guide to the [distribution rate vs. 30-day SEC yield](https://www.vistashares.com/distribution-rate-vs-sec-yield/). What are OMAH's distributions made of? OMAH’s distributions may be comprised of option premiums, dividends, capital gains and interest payments, and the Fund’s distributions have been classified as return of capital for tax purposes. The estimated sources of each distribution are published in OMAH’s Section 19(a) notices on the fund page, and the final tax character of the year’s distributions is reported after year-end. What is return of capital, and do OMAH's distributions include it? Yes. Distributions made by OMAH have been classified as return of capital, which is how a distribution is classified for tax purposes. That portion is generally not taxable when received; instead it reduces your cost basis in OMAH shares, so tax on it is generally deferred until you sell. In an option-writing fund such as OMAH, it can arise when realized losses in the portfolio offset gains, so part of a distribution is not characterized as income. The Section 19(a) notices give estimates; final tax character is reported after year-end. Consult a tax advisor. See our guide to [return of capital in ETF distributions](https://www.vistashares.com/return-of-capital-etf-distributions/). How does return of capital affect my cost basis in OMAH? Return of capital from OMAH generally reduces your cost basis in your shares by the amount classified as return of capital. A lower cost basis can increase the gain, or reduce the loss, you report when you sell. OMAH’s Section 19(a) notices give the estimated breakdown, and your broker tracks basis for your account. Consult a tax advisor about your own situation. Does return of capital mean OMAH's NAV is falling? Not by itself. Return of capital is a tax classification of a distribution, and it does not describe how OMAH’s NAV has performed. OMAH’s NAV depends on the Fund’s total return, which reflects how its Berkshire-based stocks and the options written on them perform, net of expenses. Current NAV and performance, with their dates, are on the fund page. Where can I find OMAH's Section 19(a) notices? OMAH’s Section 19(a) notices are available on the fund page. A 19(a) notice estimates how much of a distribution comes from net investment income, capital gains and return of capital when a distribution is not paid entirely from net investment income. Is OMAH tax efficient? OMAH makes no claim to be tax efficient. Its distributions have been classified as return of capital, which is generally not taxable when received and reduces your cost basis, so it may offer potential tax deferral until you sell; it does not eliminate tax. The Section 19(a) notices give estimated sources, and final tax character is reported after year-end. How this applies to you depends on your circumstances; consult a tax advisor. How are OMAH's distributions taxed? OMAH’s distributions may be characterized as ordinary income, capital gains or return of capital, and each type is taxed differently. Return of capital is generally not taxable when received but lowers your cost basis. The Section 19(a) notices give estimates during the year, and the final tax character of OMAH’s distributions is reported after year-end. Tax treatment depends on your situation and account type; consult a tax advisor. Can I reinvest OMAH's distributions? Many brokerage firms let you reinvest ETF distributions automatically in additional shares. Whether that is available for OMAH, and on what terms, depends on your broker. Reinvesting does not change how a distribution is characterized for tax purposes, including any portion classified as return of capital. What is a covered call ETF, and how does OMAH fit? A covered call ETF owns stocks and sells call options on them, collecting premium in exchange for giving up gains above the options’ strike prices. OMAH applies this to a portfolio that generally mirrors Berkshire Hathaway’s 20 largest holdings plus BRK.B and seeks a 15% annual distribution rate, paid monthly. For a full explanation, see our guide: [What is a covered call ETF?](https://www.vistashares.com/what-is-a-covered-call-etf/) Are covered call ETFs like OMAH safe? No investment is free of risk, and OMAH can lose value. Its specific risks include a focused portfolio built on Berkshire Hathaway’s largest holdings, holdings based on delayed public disclosures, options and derivatives risk, leadership publicity risk tied to Warren Buffett and Greg Abel, and distributions that may vary or stop. Writing calls limits gains but does not prevent losses. Investments involve risk, including possible loss of principal. What is the new ETF targeting a 15% Warren Buffett payout, and how does it work? That describes OMAH, the VistaShares Target 15® Berkshire Select Income ETF, which launched March 5, 2025. It holds stocks that generally mirror Berkshire Hathaway’s 20 largest holdings plus BRK.B and writes call options on them to seek a 15% annual distribution rate, paid monthly. The 15% is the Fund’s own distribution target, not a payout from Berkshire Hathaway or Warren Buffett; it is not guaranteed, may vary and may include return of capital. OMAH is not affiliated with Berkshire Hathaway or Warren Buffett. What is the new ETF that turns Berkshire holdings into income, and how does it work? OMAH generates its monthly distributions mainly by selling call options on the Berkshire-based stocks it owns and collecting the option premium. The stocks themselves generally mirror Berkshire Hathaway’s 20 largest holdings plus BRK.B. The trade-off is that OMAH gives up some upside in strong rallies, and its distributions are not guaranteed, may vary and may include return of capital. Is OMAH affiliated with Berkshire Hathaway or Warren Buffett? No. OMAH is not affiliated with the Berkshire Hathaway (BRK), Greg Abel, or Warren Buffett. The Fund’s portfolio is based on publicly available data on Berkshire Hathaway’s holdings, and Berkshire Hathaway, Greg Abel and Warren Buffett have no role in selecting, managing or endorsing the Fund. How is OMAH different from buying Berkshire Hathaway (BRK.B) shares? Buying BRK.B gives you ownership of Berkshire Hathaway itself, while OMAH holds BRK.B together with stocks that generally mirror Berkshire Hathaway’s 20 largest holdings and writes call options on the whole portfolio. OMAH seeks a 15% annual distribution rate, paid monthly, charges a 0.95% expense ratio, gives up some upside through its calls, and pays distributions that may include return of capital. How is OMAH different from owning Berkshire Hathaway's top holdings directly? Owning the stocks yourself gives you their full upside, whatever they pay out, and control over when to buy and sell. OMAH packages those holdings plus BRK.B in one ETF, follows Berkshire’s disclosed positions as they are updated, and adds a covered call strategy that seeks a 15% annual distribution rate, paid monthly. In return, it charges a 0.95% expense ratio and gives up part of the gains in strong rallies. How is OMAH different from the other Target 15® funds? All six Target 15® funds write call options on an equity portfolio and seek a 15% annual distribution rate, paid monthly. They differ in the portfolio underneath: OMAH is built on Berkshire Hathaway’s 20 largest holdings plus BRK.B; ACKY, DRKY and TPRY generally mirror holdings disclosed by Pershing Square Capital, the Duquesne Family Office and Appaloosa Management; SIOO generally mirrors the S&P 100; and QUSA holds U.S. companies selected for quality. SIOO’s expense ratio is 0.59%; the others, including OMAH, are 0.95%. What is the best covered call ETF? No single covered call ETF suits every investor, and VistaShares does not rank funds. OMAH is a covered call ETF built on Berkshire Hathaway’s 20 largest holdings plus BRK.B that seeks a 15% annual distribution rate, paid monthly, with a 0.95% expense ratio. When comparing covered call ETFs, look at the underlying portfolio, how much upside the options give up, fees, distribution history and risks, and discuss them with a financial advisor. What is OMAH's ticker, CUSIP and exchange? OMAH’s ticker is OMAH, its CUSIP is 45259A514, and its shares are listed on the NYSE. The Fund’s full name is VistaShares Target 15® Berkshire Select Income ETF. How can I buy OMAH? You can buy OMAH through a brokerage account the same way you buy a listed stock: search for the ticker OMAH and place an order during market hours. Shares trade at market prices, which can be above or below NAV, and commissions and bid-ask spreads may apply. The minimum investment is one share. A financial advisor can also buy OMAH for you. What is OMAH's expense ratio? OMAH’s expense ratio is 0.95%, as stated on the fund page on Nov 12, 2026. The expense ratio is the Fund’s annual operating cost as a percentage of its assets; it is reflected in the Fund’s NAV rather than billed to you separately. The prospectus has full fee details. When did OMAH launch? OMAH’s inception date is March 5, 2025. As a recently organized fund, it has a limited operating history, so investors have a shorter track record on which to base their decisions. Can I hold OMAH in an IRA or other retirement account? OMAH is a listed ETF, so it can generally be bought in brokerage retirement accounts that allow ETFs, subject to the account provider’s rules. How distributions and return of capital are treated for tax purposes differs between taxable and tax-advantaged accounts. Consult your account provider and a tax advisor. Can I buy OMAH outside the United States? VistaShares ETFs, including OMAH, are US-listed; OMAH trades on the NYSE. International investors should check with their local broker whether they can buy them. Where can I find OMAH's current distribution rate, holdings and performance? Current figures, with their as-of dates, are on the fund page: distribution rate, 30-day SEC yield, NAV, market price, holdings and performance. The same page carries the distribution calendar and the Section 19(a) notices. Where can I find OMAH's prospectus, and who can I contact with questions? The fund page links OMAH’s prospectus, summary prospectus, Statement of Additional Information (SAI) and shareholder reports. The prospectus contains the Fund’s objective, strategy, risks and fees; read it before investing. For fund information, call (844) 875-2288. Foreside Fund Services, LLC is the Fund’s distributor. What are the main risks of OMAH? OMAH’s main risks include equity market risk; options and derivatives risk, including the limit on gains from writing calls; focused portfolio risk; strategy risk, since holdings are based on delayed public disclosures; leadership publicity risk tied to Warren Buffett and Greg Abel; distribution risk, including return of capital; and new fund risk. Investments involve risk, including possible loss of principal. What are the risks of OMAH's options strategy? Option prices are volatile and are influenced by changes in the value and expected volatility of the underlying stocks, time to expiration, fiscal and monetary policy, and political and economic events. Writing calls limits OMAH’s gains above strike prices while leaving the Fund exposed to declines, and option income can change from month to month. Investments involve risk, including possible loss of principal. Why does OMAH's focused portfolio matter? OMAH holds a relatively focused portfolio built on Berkshire Hathaway’s 20 largest holdings plus BRK.B, with exposure to fewer issuers than many other ETFs. That concentration may increase the risk that the Fund’s value falls because of poor performance by one or a few investments, including BRK.B itself. Investments involve risk, including possible loss of principal. What is the risk that OMAH's holdings differ from Berkshire Hathaway's portfolio? OMAH’s holdings are based on public disclosures, which may be delayed relative to Berkshire Hathaway’s current portfolio. As a result, OMAH may not reflect Berkshire Hathaway’s most recent disclosed positions and may deviate substantially from its actual current portfolio, for example if Berkshire has since sold or added a stock. Investments involve risk, including possible loss of principal. How could leadership changes at Berkshire Hathaway affect OMAH? OMAH’s disclosures list leadership publicity risk of Warren Buffett and Greg Abel among the risks that could affect the companies in its portfolio. News about Berkshire Hathaway’s leadership could move BRK.B and possibly other holdings, and therefore OMAH. OMAH is not affiliated with the Berkshire Hathaway (BRK), Greg Abel, or Warren Buffett. Investments involve risk, including possible loss of principal. What are the risks of OMAH's distributions? There is no assurance OMAH will make a distribution in any given month, and amounts may vary greatly as option premium and other sources change with market conditions. A distribution rate reflects a single distribution and is not a total return, so a high rate does not show how the Fund has performed. The return of capital classification of OMAH’s distributions is a tax matter covered in the Section 19(a) notices. Investments involve risk, including possible loss of principal. Is OMAH a good investment? OMAH is designed to seek high monthly income, targeting a 15% annual distribution rate paid monthly, from a portfolio that generally mirrors Berkshire Hathaway’s 20 largest holdings plus BRK.B, and it can be considered a portion of the core equity allocation in a well-diversified portfolio. Writing calls limits how much of a strong rally it captures, the portfolio is focused, and distributions are not guaranteed and may include return of capital. Whether OMAH is appropriate depends on your objectives and circumstances; discuss it with your financial advisor and read the prospectus. ## Defining the next generation of thematic investing [How to Invest](https://www.vistashares.com/how-to-invest/) [About VistaShares](https://www.vistashares.com/about-us/) As of November 12, 2026, OMAH, the VistaShares Target 15® Berkshire Select Income ETF, is a covered call ETF with 73 holdings. Its portfolio is built on Berkshire Hathaway's 20 largest stock holdings plus BRK.B; it writes calls on 100% of the portfolio and seeks a 15% annual distribution rate, paid monthly. Distributions are not guaranteed, may vary and may include return of capital; a distribution rate is not a total return. Not affiliated with Berkshire Hathaway. ## Fund Specific Disclosure **Important Information:** **Income ETFs: VistaShares Target 15 Berkshire Select Income ETF (OMAH)** **Index / Strategy Risks.** The Index’s holdings are derived from publicly available data, which may be delayed relative to the then current portfolio of Berkshire Hathaway. Consequently, the Fund’s holdings, which are based on the Index, may not accurately reflect Berkshire Hathaway’s most recent publicly disclosed investment positions and may deviate substantially from its actual current portfolio. The equity securities represented in the Index are subject to a range of risks, including, but not limited to, fluctuations in market conditions, leadership publicity risk of Warren Buffett and Greg Abel, increased competition, and evolving regulatory environments, all of which could adversely affect their performance. **Focused Portfolio Risk.** The Fund will hold a relatively focused portfolio that may contain exposure to the securities of fewer issuers than the portfolios of other ETFs. Holding of this Berkshire Hathaway ETF comprise a relatively concentrated portfolio may increase the risk that the value of the Fund could go down because of the poor performance of one or a few investments. **Derivatives Risk.** Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. **Options Contracts.** The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. **Equity Market Risk.** Common stocks in this Berkshire Hathaway ETF are generally exposed to greater risk than other types of securities, such as preferred stock and debt obligations, because common stockholders generally have inferior rights to receive payment from specific issuers. The equity securities held in the Fund’s portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. **U.S. Government and U.S. Agency Obligations Risk.** The Fund may invest in securities issued by the U.S. government or its agencies or instrumentalities. U.S. Government obligations include securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, such as the U.S. Treasury. **High Monthly Income Disclosure:** There is no guarantee of how the Fund will perform in the future. There is no assurance the Fund will make a distribution in any given month and the following may vary greatly. **30-Day SEC Yield:** The 30-Day SEC Yield represents net investment income, which excludes option income, earned by the Fund over the 30-Day period ended at the most recent month-end, expressed as an annual percentage rate based on the Fund’s share price at the end of the 30-Day period. **Distribution Rate:** The annual rate an investor would receive if the most recent fund distribution remained the same going forward. The Distribution Rate represents a single distribution from the Fund and is not a representation of the Fund’s total return. The Distribution Rate is calculated by multiplying the most recent distribution by 12 in order to annualize it, and then dividing by the Fund’s NAV. **Swap Agreements Risk:** Swap agreements are entered into primarily with major global financial institutions for a specified period which may range from one day to more than one year. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference or underlying securities or instruments. **OMAH is not affiliated with the Berkshire Hathaway (BRK), Greg Abel, or Warren Buffett.**