Contrary Bets An ETF suggested by CNBC “Mad Money” host Jim Cramer’s trade is closing after just 10 months of trading. Cramer has mixed views on cryptocurrencies, having previously claimed they had "no real value," but later admitted he was wrong and revealed he had "made a lot of money" from Bitcoin, despite urging investors just days earlier Sell Bitcoin.
On January 25, the fund’s manager, Tuttle Capital Management, announced that its Inverse Cramer ETF (SJIM), launched in early March 2023, would close and liquidate on the last trading day on February 13. It is reported that the fund ultimately attracted only $2.4 million in capital, with a return of -15% since its inception.
Tuttle Capital claimed that it "didn't have time to continue operating this portfolio" due to other, more successful ETFs. It also said it expects SJIM to cease operations on February 23, liquidate assets and distribute to shareholders, who will receive cash equivalent to the net asset value of their fund shares.
In addition, the company also applied for 6 ETFs that utilize Bitcoin, namely 1.5x, 1.75x and 2x long-short ETFs. (Cointelegraph)