The Long Cramer Tracker ETF (LJIM), established to invest in stocks recommended by CNBC’s Jim Cramer, is set to be closed and liquidated, according to an announcement made by its provider, Tuttle Capital Management.
The fund’s adviser, Matthew Tuttle, expressed disappointment that Mr. Cramer and CNBC have chosen to ignore the funds instead of engaging in dialogue. He stated, “There is no reason to keep the long side going,” and added that moving forward, they will focus solely on the short side.
CNBC has not yet responded to a request for comment regarding this matter.
Launched in March, the Inverse Cramer ETF aims to achieve the opposite of Cramer’s recommendations. It goes short on stocks he recommends buying and goes long on stocks he doesn’t like.
According to FactSet data, the Long Cramer ETF opened at $24.96 on March 2nd and reached a peak of $29.42 on July 19th after a surge in June and early July. However, it has since experienced a significant decline in August, falling by 12.1%. As of Monday, it closed at $25.79.
In contrast, the Inverse Cramer ETF demonstrated a sharp decline in June and early July, but has seen a 13.1% increase this month. Since its launch, the Long Cramer ETF has gained 3.3%, while the Inverse Cramer ETF has decreased by 3.9%.
Last October, Cramer took to Twitter welcoming people to bet against him after Tuttle Capital Management filed papers for the ETFs with the Securities and Exchange Commission.
In response to the launch of the ETFs in March, a CNBC spokesperson highlighted Cramer’s mission to encourage long-term investing and a balanced portfolio that includes index funds and individual stocks.
