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Direxion Daily BRKB Bear 1X Shares
This was an exchange-traded fund that aimed to deliver the opposite of Berkshire Hathaway's daily stock move, and its shares no longer trade.
This was a specialty exchange-traded fund built for one job: to go up when Berkshire Hathaway went down, on a single-day basis. It held no Berkshire stock itself. Instead, it used financial contracts and other instruments to produce roughly the inverse of the daily price move of Berkshire Hathaway's Class B shares Berkshire Hathaway. An investor who thought Berkshire was due for a bad day, or who wanted a short-term hedge against a position in the stock, could buy this fund instead of arranging a short sale.
The catch is baked into the name. "Daily" means the fund reset its target every single trading day, so its returns over weeks or months could drift far from a simple opposite of Berkshire's cumulative move. In a choppy market, that daily resetting bleeds value even if Berkshire ends up flat. The fund also charged a hefty expense ratio, and because it was a small, thinly traded niche product, trading costs could sting too. It was a tactical trading tool, not something to tuck away for years. The fund was part of a large family of leveraged and inverse products run by Rafferty Asset Management, the New York firm behind the Direxion brand. Direxion built its business on these short-term trading vehicles, and this one was a minor sibling of its better-known Berkshire-linked funds. The issuer ultimately wound the product down, which is why the shares stopped trading and the listing went away. Today there is no public owner to point to in the usual sense: the fund was liquidated, its assets returned to shareholders, and the entity simply ceased to exist as an investment.
The lesson it leaves behind is the one worth remembering. A daily inverse fund is a promise about today, not about next year, and the costs and reset mechanics quietly eat into what looks like a simple bet against a famous company. Berkshire itself, run from Omaha and still chaired by Warren Buffett, remains a sprawling conglomerate owning insurers, a railroad, utilities, and a huge stock portfolio — a very different thing from the little fund that once tried to profit from its bad days.
Saved answer · last researched 15 Nov 2026