摘要：25,thefund’smanager—TuttleCapitalManagement—announceditsInverseCramerETF(SJIM)launchedinearlyMarch2023,wouldbeclosedandliquidatedwithitslasttradingdayonFeb...
On Jan. 25, the fund’s manager — Tuttle Capital Management — announced its Inverse Cramer ETF (SJIM) launched in early March 2023, would be closed and liquidated with its last trading day on Feb. 13.
The fund shorted stock buy tips recommended by Cramer, but only managed to attract $2.4 million and has seen a negative 15% return since its launch.
It comes after the firm’s Long Cramer ETF (LJIM) was scrapped in August 2023 after only pulling in $1.3 million and posting a 2.2% return. It was launched alongside SJIM and purchased the Mad Money host’s stock tips.
Cramer has become a meme among some retail crypto and stock traders for his investment tips that sometimes turn out to be the wrong call.
His love-hate relationship with crypto has seen Cramer previously claim that cryptocurrencies have “no real value,” but he later admitted he was wrong and had “made a lot of money” from Bitcoin (BTC) despite earlier urging investors to sell.
As of a Jan. 26 X post, Cramer was again urging his followers to sell Bitcoin.
Another day.... another chance to roll out of bitcoin while the Number Go Up club tries to keep it at 40,000
— Jim Cramer (@jimcramer) January 25, 2024
Tuttle Capital CEO and chief investment officer Matthew Tuttle said the ETF was launched to “point out the danger of following TV stockpickers, Jim Cramer specifically, and the total lack of accountability.”
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“We feel like we have accomplished that mission, but retail investors are more focused on volatile products and the interest in a long/short portfolio never fully materialized,” he added.
Tuttle claimed the firm “just didn’t have the time to keep running this portfolio” due to its other, more successful, ETFs.
SJIM is expected to cease operations, liquidate assets and distribute to shareholders on Feb. 23, who will receive cash at the net asset value of their shares, Tuttle Captial said.
The firm has also filed for six ETFs that leverage Bitcoin with proposed offerings of 1.5x, 1.75x and 2x each of long and short ETFs.
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