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There seems to be no in-between when it comes to CNBC personality Jim Cramer. A pair of new exchange-traded funds launched Thursday allow investors to ride along with his picks — or do the exact opposite of whatever he says.
“Love him or hate him, Jim Cramer is a polarizing figure,” said Matthew Tuttle, chief executive officer and chief investment officer of Tuttle Capital Management, who serves as adviser to the ETFs, in a news release. “We want to give investors on both sides of the debate a way to express their views, and create products that can provide diversification to traditional portfolios.”
The Inverse Cramer Tracker ETF
SJIM,
will aim to achieve the inverse of Cramer’s recommendations by going short anything he recommends buying and going long anything he doesn’t like.
The Long Cramer Tracker ETF
LJIM,
will go long anything that Cramer says investors should buy.
Cramer fans had the upper hand Thursday afternoon, with short ETF down 3.8% and the long ETF up 1%, while the S&P 500
SPX,
shook off early weakness to rise 0.8%.
Cramer last October said on Twitter that he welcomed people betting against him, after Tuttle Capital Management filed papers for the ETFs with the Securities and Exchange Commission.
“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, in an emailed statement. “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.”
