ValueArb Posted January 26 Posted January 26 (edited) Quote Jim Cramer ETFs Are History With Closure of Struggling Short Fund SJIM to close after attracting $2.4 million in assets 2023 was the second-highest year for ETF closures on record By Emily Graffeo and Isabelle Lee January 26, 2024 at 10:30 AM MST Jim Cramer has spent about four decades on Wall Street in a career that has taken him from hedge-fund manager to host of CNBC’s Mad Money show. The ETFs he inspired have proved a lot less durable. The Inverse Cramer Tracker ETF (ticker SJIM), a fund that aimed to short stocks recommended by the bombastic TV personality, is poised to join its bullish sibling on the ETF scrapheap, it was announced Thursday. SJIM will stop trading Feb. 13, according to a press release. The product has managed to attract just $2.4 million in assets since its launch in March 2023. ... SJIM is closing five months after Tuttle Capital Management’s Long Cramer Tracker ETF (LJIM) was shuttered, with that fund — which bought the stocks Cramer recommended — garnering even fewer assets. The inverse fund has lost 15% on a total return basis since its launch. ... The two funds were the brainchild of Tuttle Capital Management chief executive Matt Tuttle, who is also behind the $146 million AXS Short Innovation Daily ETF (SARK), which bets against Cathie Wood’s flagship fund. He also partnered with REX Shares to launch ETFs that provide double-leveraged exposure to single stocks including Tesla Inc. and Nvidia Corp. “Retail investors are more focused on volatile products, and the interest in a long/short portfolio never fully materialized,” Tuttle said in the release about SJIM. Tuttle also said that he started SJIM to “point out the danger of following TV stockpickers, Jim Cramer specifically,” and their lack of accountability. Edited January 26 by ValueArb
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