Inverse Jim Cramer ETF Closed After Posting Negative Returns

Wrong call? Inverse Cramer ETF scraped after a year of shorting Cramerโ€™s predictions ends up detrimental to investors.

Jim Cramer being chased with angry people.
Created by Kornelija Poderskytฤ— from DailyCoin
  • The Inverse Cramer ETF has turned Jim Cramerโ€™s Bitcoin stance upside down.
  • Tuttle Capital Management discontinues Inverse Cramer ETF, revealing the reason.
  • Bitcoin whips up 3.4% gains since Cramer expressed doubts on BTC โ€˜finding foot.โ€™

The infamous CNBC Mad Money host Jim Cramerโ€™s financial tips are sometimes right despite an image of being always wrong. Tuttle Capital Management, the issuers of exchange-traded funds (ETFs), decided to bid adieu to the Inverse Cramer ETF, as the trading strategy slimmed investorsโ€™ pockets by 15%.

Sponsored

Launched in March 2023, the exchange-traded fund garnered $2.4 million in investments. While the closing date of the Inverse Cramer ETF (SJIM) is set for February 13, 2024, investors will have until February 23, 2024, to redeem their baskets of shares.

By this date, โ€œThe Fund is expected to cease operations, liquidate its assets, and distribute the liquidation proceeds to shareholders,โ€ reads the official statement by Tuttle Capital Management. Interestingly, the letter states that the ETF fund was started to โ€œpoint out the danger of following TV stockpickers, Jim Cramer specifically, and the total lack of accountability.โ€

Bitcoin Steady Above $42K: Cramer Still Bearish?

Jim Cramerโ€™s stormy relationship with the world of blockchain technology brought about a meme where most of Cramerโ€™s sentiments and predictions about crypto go in the opposite direction. To illustrate, Bitcoin fell by 8% in minutes during the Bloody Wednesday crypto slump on January 3, 2024, right after Cramer labeled Bitcoin a โ€œtechnological marvel.โ€

Other times, Cramer bashing Bitcoin on live TV ended up with up to 10% daily bull runs for the king crypto. Sarcastically thanking Cramer for his strict stance on BTC has become the norm among crypto aficionados on X.

In his latest thoughts, Cramer took a jab at Bitcoin investors: โ€œAnother day…. another chance to roll out of bitcoin while the Number Go Up club tries to keep it at 40,000.โ€ Cramer was doubtful about BTC finding its foot after the mass sell-off by Grayscaleโ€™s GBTC ETF investors.

Since the message, Bitcoin enjoyed a rebound rally to hover above the $42,000 support level. Inking 3.4% gains in the last 7 days, BTC encountered a phase of huge relief after Grayscaleโ€™s Bitcoin ETF outflows slowed down. Cashing out $5 billion from the largest accepted Bitcoin exchange-traded fund, GBTC investors set off a mild panic attack among retail crypto investors. As a result, BTC hit a monthly bottom of $38,678 on January 23, 2024.

On the Flipside

  • Along with the Inverse Cramer ETF, the brokerage firm also released the Long Cramer ETF (LJIM), which made slight yearly gains of 2.2%.
  • Like the Inverse Cramer ETF (SJIM), the opposite version was discontinued in August 2023 due to a lack of interest from investors.

Why This Matters

Media personalities discussing cryptocurrency tend to influence the markets. To illustrate, Cramer called Silvergate โ€˜a pivotal part of the crypto ecosystemโ€™ right before the bank collapsed.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaลกevskis is a DailyCoin Journalist, covering memecoins & latest developments. Tadas has moderate holdings in SHIB, HBAR, LTC, MATIC and a selection of low-cap meme currencies.

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