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BATTLESHARES ETFS AIM TO PIT INNOVATORS AGAINST LEGACY PEERS

Tidal Investments files for funds that combine leveraged long positions in new
pioneers with short positions in established rivals

One Battleshares ETF allows investors to go long on Tesla and short on Ford ©
David Paul Morris/Bloomberg
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Daniel Gil, Ignites

October 28 2024
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Tidal Investments plans to offer a family of actively managed exchange traded
funds that take leveraged long positions in pioneering and innovative companies
and pair those with short positions in their legacy counterparts, a regulatory
filing shows.

The new Battleshares family of strategies comprises eight ETFs across the
entertainment, finance, news and technology sectors, according to the filing.
The Battleshares NVDA vs INTC ETF, for example, will take a leveraged long
position in Nvidia and a short position in Intel.



Tidal described Nvidia as a “new leader” in semiconductors and Intel as a
“legacy leader” in the filing.

Battleshares seeks to profit from the disruption occurring in different
industries, the filing suggested.

Duking it outProposed fund nameLong and Short Positions*Battleshares NVDA vs
INTC ETFNvidia versus IntelBattleshares TSLA vs F ETFTesla versus
FordBattleshares AMZN vs M ETFAmazon versus Macy’sBattleshares COIN vs WFC
ETFCoinbase Global versus Wells FargoBattleshares MSTR vs JPM ETFMicroStrategy
versus JPMorganBattleshares NFLX vs CMCSA ETFNetflix versus ComcastBattleshares
LLY vs YUM ETFEli Lilly versus Yum! BrandsBattleshares GOOGL vs NYT ETFGoogle
versus New York TimesSource: Tidal Investment SEC filings/Ignites. *Long
positions are 180% to 220%, and short positions are -80% to -120%


Show fewer

Each ETF will target a leveraged long position of 180 to 220 per cent in the
pioneer company and a negative 80 to negative 120 per cent in the counterpart
legacy leader, according to the filing.

Tidal will use a mix of equity investments, short sales of securities, swaps and
listed options, the filing said.



The ETFs’ investment objective has not been adopted by their respective boards
of trustees, meaning they can be changed before receiving approval from the
Securities and Exchange Commission, according to the filing.

No fees or tickers for the strategies were included in the filing.

A Tidal spokesperson declined to comment on the filing.

This article was previously published by Ignites, a title owned by the FT Group.

The Battleshares funds could stand out among rivals that are typically more
diversified in their holdings, said Morningstar analyst Dan Sotiroff. They may
generate interest among clients who trade daily and have favoured ETFs with
leveraged positions in companies similar to single-stock ETFs, but they are not
designed for average investors, he added.



“It’s interesting and it might get some attention . . . but these ETFs are
likely designed for the type of investor that is probably a lot more active than
they should be,” said Sotiroff.

Another potential headwind is that the highly leveraged nature of the ETFs makes
investments more sensitive to swings in share prices.

“The strategy will follow a very different trajectory than the broader market,
which could be good or bad,” said Sotiroff.

Leveraged ETFs and other similar investments such as single-stock ETFs have
drawn attention not just from some investors but also from regulators and
industry trade groups.



Some trade groups have said that ETFs using highly leveraged investment
strategies should be required to disclose more information about risk than other
funds and should also be subjected to more scrutiny and restrictions.

*Ignites is a news service published by FT Specialist for professionals working
in the asset management industry. Trials and subscriptions are available at
ignites.com







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