ETF that tracks CNBC star Jim Cramer’s stock picks shuts down
An exchange-traded fund that mimics CNBC “Mad Money” anchor Jim Cramer’s stock picks is shutting down after failing to attract investors.
The Long Cramer Tracker ETF, which trades under the symbol LJIM will cease trading on Sept. 11, according to a press release.
Since debuting in March, the fund, which was launched by Connecticut-based Tuttle Capital Management, has drawn just $1.3 million in investments while managing a modest gain of just 2.2%.
LJIM is a basket of stocks that includes Nvidia, Wells Fargo, and Oracle.
Matt Tuttle, the CEO of Tuttle Capital Management, also launched the Inverse Cramer Tracker ETF, which buys stocks that the CNBC host has bet against and shorts stocks that he has recommended.
That fund — which has $3.4 million in investments and trades under the symbol SJIM — will continue operating despite being down 4.4% since its launch.
In the press release, Tuttle said the goal of launching both ETFs was to “facilitate a conversation” with Cramer and his host network.
“Unfortunately, Mr. Cramer and CNBC have been unwilling to engage in dialogue and instead have chosen to ignore the funds, therefore there is no reason to keep the long side going,” according to Tuttle.
“Going forward we will just focus on the short side.”
The Post has sought comment from CNBC.
In March, a spokesperson for the network said: “Jim’s mission has always been to encourage long-term investing and a balanced portfolio that includes index funds and individual stocks.”
“He regards Mad Money as his classroom and believes educating those who want to pick individual stocks through insight and experience is the best way to help them take control of their finances,” the spokesperson added.
Cramer is a frequent target for ridicule on social media from critics who say his stock picks are off base.
“As always I welcome people betting against me,” Cramer wrote in a post last October on X, the social media app formerly known as Twitter.
“I have done this for 42 years.”
“Those who know me know that you would have been betting against Apple at 5, Google since inception, Meta at $18, Amazon at ten, Nvidia at $25 and AMD at $5. i welcome all comers,” he added.
Last October, Cramer was near tears as he apologized on air for recommending that viewers buy stock in Facebook’s parent company, Meta.
At the time, shares of Meta plummeted to their lowest levels in six years.
“I made a mistake here,” Cramer said, his voice halting and trembling as he spoke. “I was wrong.”
Months before the October forecast, Cramer gushed over Meta and its CEO, Mark Zuckerberg, calling him “simply unstoppable.”
In retrospect, Cramer could claim vindication as Meta’s stock has risen over 200% since his mea culpa.
