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CNBC host and well-known financial media personality Jim Cramer is known for being called out on reversing his opinions. In less than one week, Cramer has changed his mind on what he thinks of an ETF aimed at his comments.
What Happened: Tuttle Capital Management filed last week to launch two new ETFs that are taking on Cramer’s opinions and recommendations.
The ETFs are the Inverse Cramer ETF with ticker SJIM and the Long Cramer ETF with ticker LJIM, representing short Cramer and long Cramer, respectively.
The Inverse Cramer ETF will bet against stock recommendations made by Cramer on Twitter and during his time on air on CNBC, a unit of Comcast Corporation CMCSA.
Cramer Changes His Mind: Cramer recognized the news of an Inverse Cramer ETF on Oct. 7 and welcomed the fund.
“As always I welcome people betting against me. I have done this for 42 years,” Cramer tweeted. “Those who 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.”
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Cramer touted his track record of recommendations outside of stocks with a comment on cryptocurrency, a subject he has tweeted about frequently over the last year.
“I bought a farm with my Bitcoin winnings, all announced, and I bought a boat with Ethereum. All announced.”
Cramer said he has a successful track record for many years: “I want you to bet against me. You do not do this for 42 years and lose money every year.”
The CNBC host said the new inverse ETF is nothing new and wouldn’t last long.
“These will be my only comments about this ‘exciting’ new way for a promoter to make money and I am sure it can be tricked to make me look bad. And it won’t be new long after the wagerers move on to CDs and cash…Good luck…”
Spoiler alert: these were not the last comments by Cramer on the ETFs.
A mere six days after offering the last word on the bet against him, Cramer took to Twitter to offer more takes on the new funds.
“If I say I like GameStop does the inverse cramer short GameStop. If I say it 25 times is it the inverse Cramer’s biggest position? Should we ask the SEC?” Cramer tweeted on Oct. 13.
The prospectus for the ETFs said it would hold equal weighted positions based on Cramer’s comments.
Another tweet from Cramer Thursday offered a question on a neutral take by the CNBC host.
“Bed Bath hanging in,. by writing that does it make it an inverse Cramer sell? How’s that going?”
After once encouraging people to bet against him, it appears Cramer has had a change of heart and is hoping that the SEC doesn’t allow the Inverse Cramer ETF to hit the market. If the ETF is approved, we likely haven’t heard the last of Cramer’s thoughts on the fund.
Details On The Cramer ETFs: “The fund is an actively managed exchange traded fund that seeks to achieve its investment objective by engaging transactions designed to perform the opposite of the return of the investments recommenced by television personality Jim Cramer,” the fund prospectus reads.
The new ETFs come from Tuttle Capital Management and CEO Matthew Tuttle, who previously launched an inverse Cathie Wood ETF that bet against the performance of the Ark Innovation ETF ARKK.
The AXS Short Innovation Daily ETF SARK is up over 75% year-to-date in 2022.
Related Link: Cramer Warns Investor To Avoid This Entire Industry: ‘I Do Not Want You To Touch Any Of These Stocks’
Photo via Shutterstock.
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Image and article originally from www.benzinga.com. Read the original article here.