Fans of CNBC’s Mad Money can choose to bet for or against recommendations made on the show.
Investors now have a way to bet for or against the stocks Jim Cramer talks about on CNBC’s Mad Money.
Two new exchange-traded funds (ETFs) were launched on March 2. One is called the Cramer Tracker Inverse ETF (SHIM), and the other is the Long Cramer Tracker ETF (LIM).
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The funds were introduced by Matthew Tuttle, CEO of Tuttle Capital Management. He is also the manager running the AXS Short Innovation Daily ETF. (SARK) which provides investors with a vehicle to bet against ARK Invest, Cathie Wood’s flagship ARK Innovation ETF (ARKK) – Get a free report.
“The Inverse Cramer Tracker ETF seeks to provide investment results that are approximately the opposite, before fees and expenses, of the investment results recommended by television personality Jim Cramer,” its website says.
The other ETF does the exact opposite.
“The Long Cramer Tracker ETF seeks to provide investment results that generally track, before fees and expenses, the results of investments recommended by television personality Jim Cramer,” according to its website.
Tuttle spoke about the reverse strategy in Bloomberg Trillions podcast.
“If he specifically says to buy, buy, buy a stock, then we’re going to short that stock at the next practical moment.” tuttle said. “If he tells you he hates a stock or sell, sell, sell or something, then we’re going to use that long name again in the next kind of practical entry point.”
After news of the planned ETFs was reported in October 2022, Cramer said he welcomed people who bet against his ideas, saying they “would have bet against some of the most successful companies in US history.” .UU.”
A CNBC spokesperson described Cramer’s mission.
“Jim’s mission has always been to encourage long-term investing and a balanced portfolio that includes index funds and individual stocks,” a CNBC spokesperson said. Bloomberg. “He views Mad Money as his own classroom and believes that educating those who want to pick individual stocks through insight and experience is the best way to help them take control of their finances.”
Tuttle said the names of the funds were the subject of a discussion with the Securities and Exchange Commission (SEC). They were originally going to be called the Inverse Cramer ETF and the Long Cramer ETF, but the word “Tracer” was added due to an SEC request.
“If you have someone’s name on an ETF, but they’re not actually involved in running it, which I would say they are, but you know, not by choice, then that’s a problem.” Tuttle said, according to Bloomberg. “I like ‘Tracker’ better.”
Editor’s Note: Jim Cramer was a founder and longtime columnist for TheStreet.com. He left the company at the end of 2021.
