Bill Ackman just made his biggest portfolio overhaul in years, adding six companies to Pershing Square USA, Ltd.'s (NYSE: PSUS) concentrated portfolio. But investors looking for an ETF way to play his latest bets do not necessarily have to wait for a dedicated Ackman fund to catch up.

Ackman disclosed new positions in Netflix Inc. (NFLX), Visa Inc. (V), Mastercard Inc. (MA), S&P Global Inc. (SPGI), Intercontinental Exchange Inc. (ICE) and Alcon AG (ALC), saying he sees strong earnings growth ahead. The additions come after a challenging year for his funds. Pershing Square USA is down 6% YTD, compared with a roughly 13% gain for the S&P 500 total-return index.

For ETF investors, the new portfolio creates several ready-made ways to capture pieces of Ackman's thesis.

VFH Offers a Double Dose of Ackman's Payments Bet

The Vanguard Financials ETF (VFH) is arguably the cleanest ETF play on Ackman's new Visa and Mastercard positions.

Mastercard accounts for 5% of VFH, while Visa represented another 4.3%. Together, the two payment networks made up about 9.3% of the $14 billion fund.

Ackman's thesis on Visa and Mastercard centers on their capital-light business models, strong competitive positions and ability to grow earnings over time.

XLC Gives Investors Ackman's Netflix Comeback

Netflix is perhaps the most intriguing of Ackman's six additions. He previously owned the streaming company in 2022 before selling at a loss after losing confidence in its prospects. Ackman now believes Netflix has effectively won the streaming wars.

The Communication Services Select Sector SPDR ETF (XLC) already gives investors exposure to the stock. Netflix accounted for 4.5% of XLC. Meta Platforms, Inc (META) and Alphabet, Inc (GOOGL) dominate the ETF, however, meaning investors are buying much more than Ackman's Netflix thesis.

That diversification could be attractive for investors who like the streaming opportunity but do not want the risk of making a single-stock bet.

IAI Is a Direct Play on ICE and S&P Global

Ackman's additions of Intercontinental Exchange and S&P Global offer another particularly clean ETF overlap.

The iShares U.S. Broker-Dealers & Securities Exchanges ETF (IAI) holds both companies. As of late July, the fund had 35 holdings and was heavily concentrated in investment banking, brokerage, financial exchanges and data businesses. Its holdings list includes ICE and SPGI alongside Goldman Sachs Group Inc (GS), Morgan Stanley (MS), and Nasdaq Inc (NDAQ).

IAI had gained about 6% year-to-date through July 28, according to iShares, giving investors exposure to the broader financial-market infrastructure theme that Ackman is now targeting.

And Then There's ACKY

The most direct ETF connection is the VistaShares Bill Ackman Target 15 Income ETF (ACKY), which is specifically designed around Ackman's publicly disclosed holdings.

But ACKY's latest disclosed portfolio shows why investors should not assume it immediately mirrors Thursday's announcement. Amazon.com, Inc (AMZN), Microsoft Corp (MSFT), Brookfield Corp (BN), Uber Technologies Inc (UBER), and Restaurant Brands International Inc (QSR) were among its largest positions with double-digit weightings.

ACKY also uses a data-driven options strategy to seek high monthly income, which differs from simply replicating Ackman's stock portfolio. However, since the fund rebalances its holdings quarterly, it may take some time for the fund to reflect any changes.

Takeaway

Ackman may have unveiled six new stocks, but ETF investors already have targeted ways to capture his payments, streaming and financial-infrastructure bets. ACKY, meanwhile, could become the ETF to watch as the billionaire investor's latest portfolio changes work their way into publicly disclosed holdings.