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New Listing – Investing Like Tepper – With a 15% Yield Attached

Picture of Bernie Thurston
VistaShares launches TPRY, a new ETF that clones David Tepper's Appaloosa Management portfolio and overlays an aggressive options income strategy targeting 15% annual distributions.

A new ETF launched today that combines two of the hottest trends in fund management into one product: celebrity investor cloning + high-yield options income.

Meet TPRY, the VistaShares Target 15 TEPRTantrum Contrarian Distribution ETF.

The concept: take David Tepper's Appaloosa Management 13F filings, build a portfolio of his top 20 disclosed equity positions, then layer an actively managed options overlay on top targeting 15% annual income, paid monthly.

Sound familiar? It should. VistaShares already did this with Warren Buffett (OMAH now $670M+ AUM), Stanley Druckenmiller (DRKY) and Bill Ackman (ACKY). OMAH was one of 2025's breakout ETF launches. Now they're asking: does the same formula work with Tepper's more volatile, macro-driven book?


What's interesting from a product design perspective:

  • The index is constructed by BITA from the most recent 13F filing, rules-based, quarterly rebalance

  • The options overlay is actively managed, targeting 1.25% per month in distributions

  • Tepper's portfolio is more concentrated and contrarian than Buffett’s, different risk profile, potentially different investor

  • The 13F lag is real: filings arrive 45 days after quarter end, so you're always working from historical positioning


The broader theme here is worth watching. The income ETF space has exploded, and the '13F clone + yield' format is becoming its own sub-genre. Whether it scales beyond the Buffett brand association is the key question for VistaShares in 2026.

TPRY listed on NYSE today. 

Bernie Thurston

Bernie Thurston is the founder and CEO of Ultumus, a leading provider of ETF and index data, calculation, and workflow solutions. With over 20 years of experience in financial technology, Bernie has been at the forefront of index and ETF innovation since 2003. His finance career began at Markit, where as Managing Director for Equities he designed and developed products for index and ETF composition and dividend forecasting from 2003 to 2011. He then founded and led DeltaOne Solutions as Managing Director, building it into a global provider of index and ETF trading data and technology services. The company managed over 100,000 multi-asset class products before being acquired by Markit in 2015. Following the acquisition, while working for an ETF issuer, Bernie identified fundamental issues in how index and ETF data was represented across the industry. This led him to found Ultumus in 2016, building solutions for ETF primary market operations. Under his leadership, Ultumus has grown into a market leader serving major financial institutions globally, with its ETF Order Management System (OMS) supporting create and redeem workflows worldwide and its PCF platform calculating and distributing portfolio composition files for ETF issuers across every major market. Bernie sold Ultumus to SIX Group in 2021, where it continues to expand across Europe, North America, and Asia-Pacific. Known for building lasting teams and leveraging cutting-edge technology, Bernie is focused on establishing Ultumus as the backbone of the global index and ETF industry through standardisation and automation.

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