This isn't an effect. It's unlikely to be a kite. It could be a balloon, but it seems unaffected by the wind. Probable unknown triangular craft. Graded B.
The only mundane object that I could think of this being is a homemade solar balloon, of which would account for it's shape (a makeshift balloon made of taped-together garbage bags, filled with hot air). Note that the object is drifting slowly toward frame left. I've run it through an edge detect filter, and can't find a tether, provided it's a balloon to begin with.