Inverse Cramer ETF to Cease Operations
2 min read
Inverse Cramer ETF to Cease Operations
The Inverse Cramer ETF (SJIM), managed by Tuttle Capital Management, will be closed and liquidated by Feb. 13. The fund, which shorted stock buy tips from Jim Cramer, the host of Mad Money, has struggled to attract investors, bringing in only $2.4 million. Since its launch in March 2023, it has experienced a negative return of 15%. This announcement follows the previous closure of the firm’s Long Cramer ETF (LJIM) in August 2023, which managed to attract only $1.3 million and posted a return of 2.2%. Both ETFs were launched simultaneously and invested in Cramer’s stock tips.
Cramer has gained attention among retail crypto and stock traders as his investment tips sometimes miss the mark. He has been known for his love-hate relationship with cryptocurrencies, initially claiming they have “no real value,” but later admitting he made a lot of money from Bitcoin, despite his earlier advice to sell. In a recent post on Jan. 26, Cramer again urged his followers to sell Bitcoin.
Matthew Tuttle, the CEO and chief investment officer of Tuttle Capital, stated that SJIM was launched to highlight the risks of following TV stock pickers like Jim Cramer and the lack of accountability they have. He believes they have achieved their mission, but retail investors have shown more interest in volatile products, and the demand for a long/short portfolio did not fully materialize. Tuttle also mentioned that they did not have the capacity to continue managing this portfolio due to their other more successful ETFs.
SJIM is expected to cease operations and distribute its assets to shareholders on Feb. 23. Shareholders will receive cash calculated at the net asset value of their shares. Tuttle Capital has also filed for six ETFs that provide leverage on Bitcoin, with proposed offerings of 1.5x, 1.75x, and 2x each for long and short ETFs.
Interesting move by Tuttle Capital Management to close SJIM Despite negative returns and struggles to attract investors, they believe they’ve achieved their mission of highlighting the risks of following TV stock pickers like Cramer
It’s clear that Jim Cramer’s investment tips are not as reliable as he claims. Such a letdown.
The closure of SJIM just proves that retail investors are more interested in other volatile products. What a shame.
Retail investors had no interest in this long/short portfolio. Can’t blame them, really.
This SJIM ETF was a complete disaster! It’s no wonder it’s being closed down.
Tuttle Capital Management couldn’t handle this portfolio because they were too busy with their other successful ETFs. Talk about poor management. 😑
SJIM’s closure raises questions about the reliability of investment tips from Jim Cramer 🤔 Retail investors need to be cautious and do their own research before making investment decisions 💼💡
million?! That’s all this fund managed to attract? What a joke.
I can’t believe I trusted Jim Cramer’s stock tips and lost money. It’s beyond frustrating. 💔
A negative 15% return since launch? That’s just unacceptable. 😡