Contrarian bet on CNBC host Jim Cramer’s trading advice for ETF to close soon

The ETF that bet against the trading advice of Jim Cramer, the host of the "Mad Money" program on CNBC, closed after only 10 months of trading. Cramer has a complicated attitude towards cryptocurrency. He previously claimed that cryptocurrency "has no real value," but later admitted that he was wrong and revealed that he "made a lot of money" from bitcoin, although he urged investors to sell bitcoin just a few days ago.

On January 25, the fund manager Tuttle Capital Management announced that its Inverse Cramer ETF (SJIM), which was launched in early March 2023, will be closed and liquidated on the last trading day of February 13. It is reported that the fund only attracted $2.4 million in funds, and the return rate since its establishment has been -15%.

Tuttle Capital claims that due to other more successful ETFs, the company "does not have time to continue to operate this investment portfolio." It also stated that SJIM is expected to stop operating on February 23, liquidate assets, and distribute cash to shareholders equivalent to the net asset value of their fund shares.

In addition, the company has also applied for six ETFs that use bitcoin, including 1.5x, 1.75x, and 2x long and short ETFs. (Cointelegraph)