OMAH Butterfly Strategy
OMAH (VistaShares Target 15 Berkshire Select Income ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.
The fund’s strategy involves two components: (1) investing in a portfolio of equity securities based on the Solactive VistaShares Berkshire Select Index (the “Equity Strategy”); and (2) generating income through an options portfolio (the “Options Strategies”). The fund is non-diversified.
OMAH (VistaShares Target 15 Berkshire Select Income ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $470.4M, a beta of 0.29 versus the broader market, a 52-week range of 17.82-19.72, average daily share volume of 607K, a public-listing history dating back to 2025. These structural characteristics shape how OMAH etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.29 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.
Current OMAH snapshot
As of May 15, 2026, spot at $18.88, ATM IV 339.40%, expected move 1.61%. The butterfly on OMAH below is built from the same end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 34-day expiry.
Why this butterfly structure on OMAH specifically: IV rank is unavailable in the current snapshot, so regime-based timing for OMAH is inferred from ATM IV at 339.40% alone, with a market-implied 1-standard-deviation move of approximately 1.61% (roughly $0.30 on the underlying). The 34-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 $18.88 per share and to the trader's directional view on OMAH etf.
OMAH butterfly setup
The OMAH butterfly below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With OMAH near $18.88, 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 34-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 | $1.14 |
| Sell 2 | Call | $19.00 | $0.53 |
| Buy 1 | Call | $20.00 | $0.15 |
OMAH butterfly risk and reward
- Net Premium / Debit
- -$23.00
- Max Profit (per contract)
- $74.98
- Max Loss (per contract)
- -$23.00
- Breakeven(s)
- $18.23, $19.77
- Risk / Reward Ratio
- 3.260
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% | -$23.00 |
| $4.18 | -77.8% | -$23.00 |
| $8.36 | -55.7% | -$23.00 |
| $12.53 | -33.6% | -$23.00 |
| $16.70 | -11.5% | -$23.00 |
| $20.88 | +10.6% | -$23.00 |
| $25.05 | +32.7% | -$23.00 |
| $29.22 | +54.8% | -$23.00 |
| $33.40 | +76.9% | -$23.00 |
| $37.57 | +99.0% | -$23.00 |
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 $18.58 on the downside to $19.18 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. 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 trading near $18.88, the strikes shown on this page are snapped to the nearest listed OMAH chain strike and the premiums come straight from the end-of-day 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 end-of-day chain at a 30-day expiry (ATM IV 339.40%), the computed maximum profit is $74.98 per contract and the computed maximum loss is -$23.00 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 roughly $18.23 and $19.77 at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current OMAH market-implied 1-standard-deviation expected move is approximately 1.61%; 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?
- Current OMAH ATM IV is 339.40%; IV rank context is unavailable in the current snapshot.