Mallika Mitra
2 min read
In This Article:
On Wednesday, Tidal Trust filed with the Securities and Exchange Commission to offer seven exchange-traded funds that may look familiar if you invest in funds from successful investors.
The preliminary prospectus shows that VistaShares plans to launch the following new ETFs:
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VistaShares Pershing Square Select ETF
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VistaShares Target 15 Pershing Square Select Income ETF
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VistaShares Scion Asset Management Select ETF
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VistaShares Target 15 Scion Asset Management Select Income ETF
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VistaShares Duquesne Select ETF
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VistaShares Target 15 Duquesne Select Income ETF
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VistaShares Berkshire Select ETF
The funds are based on other firms' 13F filings. Tidal Investments LLC is listed as the investment adviser of the funds while VistaShares Advisors LLC is listed as the subadviser. The management fees and tickers were not included in the filing, and the effective date would be August 11, 2025.
The various funds would offer investors access to investment picks of some of the most famous and successful investors, such as Michael Burry of Scion Asset Management—best known for his part in predicting the 2008 stock market crash that went on to be portrayed in the film "The Big Short"—and hedge fund manager Bill Ackman, who runs Pershing Square Holdings.
The VistaShares Pershing Square Select ETF, for example, invests in a portfolio of stocks based on the BITA VistaShares Pershing Square Capital Management Portfolio Top Picks Index, which includes up to 20 equities selected by Pershing Square.
The other firms whose picks VistaShares includes in the new offerings are the Duquesne Family Office, run by Stanley Druckenmiller, and Warren Buffett’s Berkshire Hathaway.
This isn’t a new move for VistaShares. In March, the firm launched the VistaShares Target 15 Berkshire Select Income ETF (OMAH), which provides investors with exposure to some of Berkshire Hathaway’s most representative equity holdings.
Smaller ETF issuers are looking for ways to offer innovative solutions for the "alternatives" sleeve of investor portfolios because there are already many low-cost, core ETFs available from large ETF issuers like Blackrock and Vanguard, who have the scale to sustain very low fees, Aniket Ullal, senior vice president and head of ETF research and analytics with CFRA, told etf.com.
“Targeting more niche strategies allows issuers to stay profitable by charging higher fees for more specialized solutions,” Ullal added.
