VistaShares has launched a new exchange-traded fund designed to mirror the equity positions of Pershing Square Capital Management founder Bill Ackman, one of Wall Street’s most prominent activist investors, according to a report by Bloomberg.

The VistaShares Target 15 ACKtivist Distribution ETF, which began trading on Tuesday, replicates Pershing Square’s disclosed holdings, including Amazon, Nike and Uber, based on quarterly 13F filings, and applies a covered call strategy with the goal of generating annual income of around 15%.

The product follows VistaShares’ earlier success with an ETF tracking Warren Buffett’s Berkshire Hathaway portfolio, which has attracted roughly $475m since its launch six months ago.

Ackman and Pershing Square are not involved in the new fund. Ackman, who manages about $30bn across a concentrated portfolio of roughly a dozen names, has a long track record of high-profile activist campaigns, including at Canadian Pacific and Chipotle. His hedge fund has delivered a 121% return over the past five years, outpacing the S&P 500.

The ETF launch comes amid growing demand for vehicles tied to “star manager” strategies. Other offerings include a $498m Wedbush ETF built around Dan Ives’ tech calls and Fundstrat’s $2.5bn Granny Shots ETF.

Market observers caution, however, that such products face structural challenges, notably the lag between hedge fund disclosures and ETF portfolio adjustments. VistaShares CEO Adam Patti argues that the fund’s income overlay makes it distinct and positions it as a portfolio diversifier rather than a core holding.