OMAH Butterfly Strategy
OMAH (VistaShares Target 15 Berkshire Select Income ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.
Tidal Trust III - Vistashares Target 15 Berkshire Select Income ETF is an exchange traded fund launched and managed by Tidal Investments LLC. It invests in public equity and fixed income markets of the United States. The fund seeks to invest through derivatives in stocks of companies operating across diversified sectors. The fund uses derivatives such as options to create its portfolio. For its equity portion, the fund invests in value stocks of large-cap companies. For its fixed income portion, it invests in short-term U.S.
OMAH (VistaShares Target 15 Berkshire Select Income ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $462.2M, a beta of 0.26 versus the broader market, a 52-week range of 17.82-19.68, average daily share volume of 829K, a public-listing history dating back to 2025, approximately 155 full-time employees. These structural characteristics shape how OMAH etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.26 indicates OMAH has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. OMAH pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a butterfly on OMAH?
A long call butterfly buys one lower-strike call, sells two ATM calls, and buys one higher-strike call, paying a small net debit for a defined-risk position that maxes out if the underlying pins the middle strike at expiration.
OMAH snapshot
As of August 14, 2026, spot at $18.59, ATM IV 376.10%, IV rank 76.50%, expected move 7.31%. The butterfly on OMAH below is built from the August 14, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 35-day expiry.
Why this butterfly structure on OMAH specifically: OMAH IV at 376.10% is rich versus its 1-year range, which makes a premium-buying OMAH butterfly relatively expensive in absolute-cost terms, with a market-implied 1-standard-deviation move of approximately 7.31% (roughly $1.36 on the underlying). The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated OMAH expiries trade a higher absolute premium for lower per-day decay. Position sizing on OMAH should anchor to the underlying notional of $18.59 per share and to the trader's directional view on OMAH etf.
OMAH butterfly setup
The OMAH butterfly below is built from the August 14, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With OMAH at $18.59 on that close, the first option leg uses a $18.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed OMAH chain at a 35-day expiry; the cross-strike IV skew is reflected directly in the per-leg values rather than approximated. Quantity sizing assumes one contract per option leg (or 100 OMAH shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $18.00 | $0.63 |
| Sell 2 | Call | $19.00 | $0.38 |
| Buy 1 | Call | $20.00 | $0.12 |
OMAH butterfly risk and reward
- Net Premium / Debit
- +$0.50
- Max Profit (per contract)
- $94.30
- Max Loss (per contract)
- $0.50
- Breakeven(s)
- None on modeled curve
- Risk / Reward Ratio
- 188.608
Max profit equals the wing width minus net debit times 100 (reached when the underlying pins the middle strike); max loss equals the net debit times 100. Two breakevens at lower-wing plus debit and upper-wing minus debit.
OMAH butterfly payoff curve
Modeled P&L at expiration across a range of underlying prices for the butterfly on OMAH. Each row is one sampled price point from the computed payoff curve; the full curve uses 200 price points internally before being summarized into 10 rows here.
| Underlying Price | % From Spot | P&L at Expiration |
|---|---|---|
| $0.01 | -99.9% | +$0.50 |
| $4.12 | -77.8% | +$0.50 |
| $8.23 | -55.7% | +$0.50 |
| $12.34 | -33.6% | +$0.50 |
| $16.45 | -11.5% | +$0.50 |
| $20.56 | +10.6% | +$0.50 |
| $24.67 | +32.7% | +$0.50 |
| $28.77 | +54.8% | +$0.50 |
| $32.88 | +76.9% | +$0.50 |
| $36.99 | +99.0% | +$0.50 |
When traders use butterfly on OMAH
Butterflies on OMAH are pinning bets - traders use them when they expect OMAH to settle near a specific level at expiration (often the prior close, a round number, or the max-pain strike) and want defined-risk exposure to that outcome.
OMAH thesis for this butterfly
The market-implied 1-standard-deviation range for OMAH extends from approximately $17.23 on the downside to $19.95 on the upside. A OMAH long call butterfly is a pinning play: it pays maximum at the middle strike if OMAH settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current OMAH IV rank near 76.50% sits in the upper third of its 1-year distribution, which historically reverts; this raises the bar for premium-buying structures and lowers it for premium-selling structures on OMAH at 376.10%. As a Financial Services name, OMAH options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to OMAH-specific events.
OMAH butterfly positions are structurally neutral / pin (limited-risk, limited-reward); the modeled P&L assumes European-style exercise at expiration and ignores early assignment, transaction costs, dividends paid before expiry on the stock leg (when present), and the bid-ask spread on the listed chain. OMAH positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move OMAH alongside the broader basket even when OMAH-specific fundamentals are unchanged. Always rebuild the position from current OMAH chain quotes before placing a trade.
Frequently asked questions
- What is a butterfly on OMAH?
- A butterfly on OMAH is the butterfly strategy applied to OMAH (etf). The strategy is structurally neutral / pin (limited-risk, limited-reward): A long call butterfly buys one lower-strike call, sells two ATM calls, and buys one higher-strike call, paying a small net debit for a defined-risk position that maxes out if the underlying pins the middle strike at expiration. With OMAH etf at $18.59 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed OMAH chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are OMAH butterfly max profit and max loss calculated?
- Max profit equals the wing width minus net debit times 100 (reached when the underlying pins the middle strike); max loss equals the net debit times 100. Two breakevens at lower-wing plus debit and upper-wing minus debit. For the OMAH butterfly priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 376.10%), the computed maximum profit is $94.30 per contract and the computed maximum loss is $0.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a OMAH butterfly?
- The breakeven for the OMAH butterfly priced on this page is no defined breakeven on the modeled curve at expiration, derived from the August 14, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The OMAH market-implied 1-standard-deviation expected move in the same options snapshot is approximately 7.31%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a butterfly on OMAH?
- Butterflies on OMAH are pinning bets - traders use them when they expect OMAH to settle near a specific level at expiration (often the prior close, a round number, or the max-pain strike) and want defined-risk exposure to that outcome.
- How does current OMAH implied volatility affect this butterfly?
- OMAH ATM IV is at 376.10% with IV rank near 76.50%, which is elevated relative to its 1-year range. Premium-selling structures (covered call, cash-secured put, iron condor) generally look more attractive when IV rank is high; premium-buying structures (long call, long put, debit spreads) are more expensive in that regime.