Subject: Buffett must be filled with joy about this,
" Tidal files for first leveraged Berkshire Hathaway ETF

The preliminary prospectus for Tidal Trust's Kick BRK 2X Long Daily Target ETF (BRKX) says it will seek "daily leveraged investment results of two times (200%) the daily percentage change in the share price" of Berkshire's Class B shares (BRK.B) using derivatives.



The key word is "daily."



The fund is only trying to double BRK.B's return for a single day. Investors who hold the ETF for more than one day may get a return that is more, or less, than double the return of the stock over the same period.



The more volatile the stock, the greater the disparity.



(Bloomberg's Matt Levine offers an extensive explainer of the risks of leveraged ETFs in his excellent Money Stuff column.)



Hence the warning in the prospectus that "investors should not plan to hold shares of the Fund unmonitored for periods longer than a single trading day."



It also warns the ETF is "designed to be utilized only by sophisticated investors, such as traders and active investors employing dynamic strategies."