Berkshire Hathaway (NYSE: BRKA)(NYSE: BRKB) doesn't pay a dividend, and new CEO Greg Abel isn't changing that. In his first shareholder letter, Greg Abel wrote that Berkshire won't pay one as long as each retained dollar is likely to create more than a dollar of market value for shareholders. It's the strategy that Warren Buffett employed when he was CEO. So how does an exchange-traded fund (ETF) built on Berkshire's portfolio offer a 15% distribution yield? The VistaShares Target 15 Berkshire Select Income ETF (NYSEMKT: OMAH) does it with an options strategy. But it's not a "free" 15% yield. There's a trade-off that investors need to understand before committing a single dollar. Image source: Getty Images.
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